US - T. Rowe Price Group announced Chairman and President George A. Roche plans to retire during the fourth quarter of 2006.
Upon Roche’s retirement, the Board of Directors plans to elect James A.C. Kennedy, currently director of equities, as president and chief executive officer of the firm.
The Board of Directors also plans to elect Brian C. Rogers chairman of the board and Edward C. Bernard vice chairman. Mr. Rogers will continue to serve as chief investment officer, as well as the manager of the T. Rowe Price Equity Income Fund and large-cap value portfolios for institutional clients.
As part of the transition, William J. Stromberg, 46, now co-director of equities and director of global equity research, will become the director of equities and global equity research. Roche, 64, started with T. Rowe Price as a natural resources analyst in 1968 working with company founder Thomas Rowe Price, Jr., and was portfolio manager of the New Era Fund from 1979 through 1997. He has served on the Board of Directors since 1980 and was chief financial officer from 1984 through 1997.
Roche said: “T. Rowe Price is one of the premier investment management organisations in the world and I am proud to have played a role in that success. While my upcoming retirement represents the final step in a changing of the guard for T. Rowe Price.” T. Rowe Price has $269.5 billion in assets under management as of 31 December 2005.
By Daniel Flatt
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