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Fund Times

T. Rowe Price's CEO to Retire

A successor will take over at a time of change for the company.

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Bill Stromberg, T. Rowe Price's CEO since 2016 and chair of the board of directors since 2019, will retire at year-end 2021, when he'll become nonexecutive chair. Stromberg, 61, is sticking to the typical retirement time frame at T. Rowe Price, where managers and executives alike retire around this age. Stromberg caps a 35-year career at the firm in which he rose from analyst to portfolio manager to executive, keeping an investment-focused mindset on company initiatives as the firm also hit a new high in assets under management. 

The choice of Rob Sharps as successor makes sense, and he is well suited for the role. With this change, another former portfolio manager who is likely to stay true to the firm's commitment to the end investor will lead T. Rowe Price. Sharps, who started at the firm as an analyst in 1997 and impressed as manager of T. Rowe Price Large Cap Growth (TRLGX) from 2001 to 2016, has been groomed for this role. He has increasingly taken on more responsibilities, going from co-head of global equity to head of investments, and has been group CIO and a member of the firm's management committee involved in working with groups across the firm.

Katie Rushkewicz Reichart does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.