T. Rowe Price Designates Stromberg to Succeed Kennedy as CEO

Baltimore-based T. Rowe Price Group Inc. has named a successor for current CEO James A.C. Kennedy. William J. Stromberg, the company’s global equity head, will become CEO on January 1, 2016. At that time, Stromberg will join the board of directors at T. Rowe Price and chair the company’s management committee. Kennedy plans to officially retire from the company on April 27, 2016 at the company’s annual meeting.

In 1996, Kennedy was elected to the T. Rowe Price Group Board of Directors. Kennedy became CEO in 2007, managing the company through the global financial crisis in 2008. Stromberg joined T. Rowe Price in 1987 as an equity analyst.

Eric L. Veiel, a director of equity research for North America and a member of the U.S. Equity Steering Committee at the company, would become head of U.S. equity on January 1, 2016.

As of March 31, 2015, T. Rowe Price had US$ 772.7 billion in assets under management.

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