T. Rowe Price chairman, CIO and head of management committee, Bill Stromberg, will retire from his roles at the end of the year after 35 years at the firm. He will continue to serve on the Board as non-executive chair.
Rob Sharps, the company’s current president, head of Investments, group chief investment officer (CIO), and a member of the firm’s Management Committee, will succeed Stromberg.
Sharps will become president and CEO and take over as chair of the Management Committee. He will also join the Board.
“Bill has been a remarkable leader and highly effective CEO," lead independent director Alan D. Wilson said. "He has deftly navigated the firm through a period of significant change and disruption in the industry."
"Under his leadership, significant investments in our investment, distribution, product, operations, technology, and corporate function teams have helped the company deliver strong results for clients and take advantage of strong markets to grow assets under management, revenues, earnings, and dividends.
"Bill has fostered a culture that continues to differentiate us in the marketplace and is central to our long-term success. He is a selfless leader who has championed diversity, equity, and inclusion and led the company with compassion throughout his tenure, including over the course of the pandemic."
Wilson says this is a planned transition. Sharps, he says, "is broadly respected and admired by his peers as a clear strategic thinker who quickly gets to the heart of issues, thinks through solutions, and brings out the best in his teams. 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."
Sharps has been with T. Rowe Price for 24 years.
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