- Push-out Score determined
- After about six years in the position
- Praise and thanks for Stromberg
- Rob Sharps taking over
- Stromberg will remain as non-executive chair at T. Rowe Price
- Stromberg made a lengthy statement and said 361 words
(exechange) — Baltimore, Maryland, July 29, 2021 — Bill Stromberg, chief executive of T. Rowe Price, leaves his position. As announced by T. Rowe Price Group Inc. in a news release and in a regulatory filing published on Thursday, July 29, 2021, William J. (Bill) Stromberg leaves his post as chief executive officer at the investment management firm after about six years in the role, effective December 31, 2021.
Bill Stromberg’s duties as CEO will be taken over by Robert W. (Rob) Sharps, currently president, head of Investments, group chief investment officer (CIO), and a member of the firm’s Management Committee at T. Rowe Price Group Inc.
Bill Stromberg’s move forms part of a management shake-up also involving the positions of chief operating officer (COO), chief financial officer (CFO), and treasurer; and co-head of Global Equity, head of U.S. Equity, and chair of the U.S. Equity Steering Committee (ESC).
“Culmination of a thoughtful and planned transition”
The management change is explained as follows. Alan D. Wilson, T. Rowe Price’s lead independent director, said: “Rob’s appointment as CEO is the culmination of a thoughtful and planned transition and is a testament to the confidence we have in him as a steward of our culture and the right leader to guide T. Rowe Price through its next chapter of growth.”
Stromberg will remain as non-executive chair at T. Rowe Price
“He will continue to serve on the Board as non-executive chair,” T. Rowe Price said.
T. Rowe Price said: “Bill Stromberg, chair of the Board of Directors, chief executive officer (CEO), and chair of the firm’s Management Committee, will retire from his roles at the company on December 31, 2021, after 35 years at the firm.”
T. Rowe Price further said: “William J. Stromberg, the Company’s Chair of the Board of Directors, Chief Executive Officer (CEO) and chair of the Company’s Management Committee, will retire from the Company on December 31, 2021.”
Share price increase since January 2016
The announcement follows an increase in T. Rowe Price Group Inc.’s share price of 189% since January 2016. January 2016 is the month in which Stromberg’s tenure as CEO began.
In the position of CEO since 2016
Bill Stromberg became CEO of the Company in 2016.
Stromberg is the Chief Executive Officer (CEO) of Price Group and is the Chair of the Board.
He is the chair of the Company’s Executive, Management, and Management Compensation and Development Committees.
Stromberg served as the head of Equity from 2009 to 2015 and the head of U.S. Equity from 2006 to 2009.
He also served as a director of Equity Research (1996 to 2006), as a portfolio manager of the Capital Opportunity Fund (2000 to 2007) and the Dividend Growth Fund (1992 to 2000), and as an equity investment analyst (1987 to 1992).
Prior to joining the firm in 1987, he was employed by Westinghouse Defense as a systems engineer.
Stromberg earned a B.A. from Johns Hopkins University and an M.B.A. from the Tuck School of Business at Dartmouth.
Stromberg also has earned the Chartered Financial Analyst® designation.
He currently serves on the Johns Hopkins University board of trustees and the Hopkins Whiting School of Engineering advisory council.
Stromberg previously served nine years on the Catholic Charities Board of Trustees, with two years as board president.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Bill Stromberg’s move on a scale of 0 to 10.
exechange reached out to T. Rowe Price and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 31.2021 ($).