Baltimore, Md., USA - May 8, 2015, Baltimore, Md., USA - T. Rowe Price Group announced that James A.C. Kennedy, CEO and president and chair of the firm’s management committee, has decided to step down from those roles, effective December 31, 2015.
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Mr. Kennedy will retire from the firm at the company’s Annual Meeting on April 27, 2016, following a highly successful 38-year career with the firm, the last nine as CEO and president.
Mr. Kennedy joined T. Rowe Price in 1978 as an equity analyst, after earning his M.B.A. from the Stanford Graduate School of Business. He transitioned to management in 1987, becoming director of Equity Research.
He was elected to the T. Rowe Price Group Board of Directors in 1996, named director of Equity in 1997, and joined the Management Committee in 2000. He became CEO and president in 2007.
William J. Stromberg, a 28-year veteran of the company who is currently head of Global Equity and Global Equity Research and a member of the firm’s Management Committee, will succeed Mr. Kennedy.
Mr. Strombergwill become president and CEO and chair of the Management Committee, effective January 1, 2016. He will also join the Board of Directors at that time.
Mr. Strombergwill joined T. Rowe Price in 1987 as an equity analyst, after earning his M.B.A. from the Tuck School of Business at Dartmouth. He became associate director of Equity Research in 1997, director of Equity Research in 1999, and director of Global Equity Research in 2004.
He was named co-director of Equity in 2005, director of Equity in 2007, and head of Global Equity in 2009. He also currently serves as head of U.S. Equity and chair of the U.S. Equity Steering Committee. Mr. Strombergwill joined the Management Committee in 2007.
As part of the transition, Eric L. Veiel, a director of Equity Research–North America and a member of the U.S. Equity Steering Committee, will become head of U.S. Equity and chair of the U.S. Equity Steering Committee, effective January 1, 2016. He will also join the Management Committee at that time.
Mr. Veiel has 16 years of investment experience and is a 10-year veteran of T. Rowe Price. He is currently a director of Equity Research–North America and a co-portfolio manager of the U.S. Structured Research Equity Strategy.
Previously, he covered a wide range of financial services companies as an analyst.
In 2010 he became portfolio manager of the Financial Services Equity Strategy and financial services sector team leader. ■