T. Rowe Price Group says that Chairman and CEO Bill Stromberg will retire at year-end after 35 years with the firm, though he will stay on as non-executive board chairman. On Jan. 1, 2022, T. Rowe Price President and Chief Investment Officer Rob Sharps will become president, CEO and a board member.
"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," said Alan D. Wilson, T. Rowe Price's lead independent director, in a statement.
Sharps has been with T. Rowe Price for 24 years. During that time, he worked as co-head of Global Equity, portfolio manager of the U.S. Large-Cap Growth Equity Strategy and the former U.S. Growth & Income Equity Strategy (now U.S. Large-Cap Core Equity Strategy).
"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," Wilson added.
T. Rowe Price has $1.62 trillion in assets under management.
