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Portfolio > Asset Managers

T. Rowe Price Chairman, CEO to Retire

By Janet Levaux

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What You Need to Know

  • Bill Stromberg, who's spent 35 years with the firm, will be replaced by President Rob Sharps on Jan. 1, 2022.

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. 

Other changes at the firm include the July 31 departure of COO, CFO and Treasurer Céline Dufétel, who is set to assume a leadership position with a fintech firm. 

Jen Dardis, who is currently head of Finance, will become CFO and treasurer. Dufétel’s COO responsibilities will be handled on an interim basis by Robert Higginbotham, head of Global Distribution. 

Eric Veiel, currently co-head of Global Equity, head of U.S. Equity, and chair of the U.S. Equity Steering Committee will become head of Global Equity in early 2022; at the same time, Josh Nelson, now associate head of U.S. Equity, will become head of U.S. Equity.

“On behalf of everyone at T. Rowe Price, I want to thank Céline for her many contributions, particularly her roles guiding our financial activities, executing our strategic initiatives, and  improving our operational capabilities,” Stromberg explained. “As leader of the firm’s finance and strategy functions, Jen is a natural successor to Céline as CFO.”

Janet Levaux

@Think_JanetL

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