After 35 years of service, T. Rowe Price Group has announced that chief executive Bill Stromberg will retire at the end of the year, with Rob Sharps to takeover.
Stromberg would also step down as his roles as chair of the board and chair of the firm’s management committee but would serve on the board as a non-executive chair.
Sharps was currently T. Rowe Price president, head of Investments, group chief investment officer (CIO), and a member of the firm’s management committee.
Sharps was a 24-year veteran of the firm, joining in 1997 as equity analyst, and had experience in corporate strategy, product development, key client relationships, and other enterprise initiatives.
He was previously co-head of global equity, portfolio manager of the US Large-Cap Growth Equity Strategy, and portfolio manager of the former US Growth and Income Equity Strategy (now, US Large-Cap Core Equity Strategy).
Sharps said: “I am honoured to be the next CEO of T. Rowe Price and am grateful for the confidence that both Bill and the board have placed in me.
“I also want to thank Bill for his leadership and continued counsel as non-executive chair. Bill’s commitment to the values and principles of the firm, and his contributions to our clients, associates, and stockholders, have been truly extraordinary and his impact will be long-lasting.
“T. Rowe Price is well positioned to execute on significant opportunities ahead, and I am excited to lead our business forward and continue helping our clients achieve their financial goals.”
Additional Key Leadership Transitions
Céline Dufétel, chief operating officer (COO), chief financial officer (CFO), and treasurer, would be stepping down from her roles, effective July 31, 2021, to assume a leadership position with a fintech company.
She would serve in an advisory role with T. Rowe Price until August 31, 2021, to ensure a seamless transition.
Jen Dardis, currently head of finance, will become CFO and treasurer and join the management committee, effective August 1, 2021.
Dufétel’s COO responsibilities would transition on an interim basis to Robert Higginbotham, a member of the firm’s management committee and head of global distribution who also has oversight responsibility for global product.
Eric Veiel, currently co-head of global equity, head of US equity, and chair of the US equity steering committee (ESC), would become head of global equity, effective January 1, 2022.
At that time, Josh Nelson, currently associate head of US equity, would become head of US equity and chair of the US ESC and would join the management committee.