Baltimore-based asset manager T. Rowe Price has announced the appointment of Bill Stromberg as president and CEO of the firm as of 2016.
He is set to replace James Kennedy, who will retire next year following a 38-year career with the firm. Stromberg has been with T. Rowe Price for 28 years and currently leads the Global Equity and Global Equity Research teams, he is also a member of the firm’s Management Committee.
As part of the transition, Eric Veiel, a director of Equity Research–North America and a member of the US Equity Steering Committee, will become head of US Equity and chair of the US Equity Steering Committee. He will also join the Management Committee.
Brian Rogers, chairman and CIO at T. Rowe Price comments: “The Board of Directors has tremendous confidence in Bill. His appointment as president and CEO will be the culmination of a thoughtful and planned transition of leadership at T. Rowe Price, and testament to Bill’s career success and proven leadership abilities.”
“Throughout his 28-year career with the firm, he has consistently demonstrated his abilities as a talented investor, principled decision maker, and highly effective leader” he adds.