(Reuters) – Asset manager T. Rowe Price Group Inc said on Wednesday that global equity head William Stromberg will become its chief executive on Jan. 1, succeeding James Kennedy, who plans to retire later in 2016.
T. Rowe Price of Baltimore said that Kennedy, 61, would also turn over his roles as president and chair of the firm’s management committee to Stromberg, 55, who joined the company in 1987 as an equity analyst.
Kennedy became CEO and president in 2007 and T. Rowe posted one of the stronger records among top fund companies during and after the financial crisis, with inflows of investor cash driven by good returns and its retirement business.
T. Rowe Price also said Eric Veiel, a director of equity research for North America and a member of its U.S. equity steering committee, would become head of U.S. equity effective Jan. 1.
Shares of T. Rowe price were down less than 1 percent to $80.93 in morning trading on Wednesday after the news.
In a research note to investors, Wells Fargo analyst Christopher Harris wrote the transitions seemed to be well-planned. “This announcement doesn’t seem to imply anything out of the ordinary,” he wrote.
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