Press release
T. Rowe Price Group Announces CEO Succession Plan And Key Leadership Transitions
BALTIMORE, July 29, 2021 /PRNewswire/ -- T. Rowe Price Group (NASDAQ-GS: TROW) today announced that Bill Stromberg, chair of the Board of Directors, chief
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"BALTIMORE, July 29, 2021 /PRNewswire/ -- T. Rowe Price Group (NASDAQ-GS: TROW) today announced that Bill Stromberg, chair of the Board of Directors, chief executive officer (CEO), and chair of the firm's Management Committee, will retire from his roles at the company on December 31, 2021, after 35 years at the firm. He will continue to serve on the Board as non-executive chair.\nCEO Succession PlanEffective January 1, 2022, Rob Sharps, T. Rowe Price's current president, head of Investments, group chief investment officer (CIO), and a member of the firm's Management Committee, will succeed Mr. Stromberg. Mr. Sharps will become president and CEO and take over as chair of the Management Committee. He will also join the Board of Directors at that time.\nAlan D. Wilson, T. Rowe Price's lead independent director, said: \"Bill has been a remarkable leader and highly effective CEO. He has deftly navigated the firm through a period of significant change and disruption in the industry. Under his leadership, significant investments in our investment, distribution, product, operations, technology, and corporate function teams have helped the company deliver strong results for clients and take advantage of strong markets to grow assets under management, revenues, earnings, and dividends. Bill has fostered a culture that continues to differentiate us in the marketplace and is central to our long-term success. He is a selfless leader who has championed diversity, equity, and inclusion and led the company with compassion throughout his tenure, including over the course of the pandemic.\n\"Rob's appointment as CEO is the culmination of a thoughtful and planned transition and is a testament to the confidence we have in him as a steward of our culture and the right leader to guide T. Rowe Price through its next chapter of growth. He is broadly respected and admired by his peers as a clear strategic thinker who quickly gets to the heart of issues, thinks through solutions, and brings out the best in his teams. As we execute our strategic priorities amid a rapidly evolving business environment, Rob's proven leadership abilities; investment track record; and commitment to our clients, our people, and our core values make him uniquely qualified to lead the firm. We are excited about Rob's new role and his ability to position us as a premier global act...