- Signs for push-out forces
- After almost 13 years on the job
- Laud, praise and thanks for Moreland
- Search for a successor
(management-change.com) — Baltimore, Maryland, January 04, 2017 — Ken Moreland, finance chief of T.Rowe Price, leaves. As announced by T.Rowe Price Group in a news release and in a regulatory filing published on Wednesday, January 04, 2017, Kenneth V. (Ken) Moreland, Chief Financial Officer, leaves the investment management company in a surprising move after almost 13 years on the job, effective in 2017.
It is the end of an era.
T.Rowe Price will undertake a search for a successor.
No reason given
In the announcement, T.Rowe Price did not explicitly explain the reason for Moreland’s move, leaving room for speculation.
T.Rowe Price said: “Kenneth V. Moreland, CPA, its chief financial officer (CFO), will retire in 2017 after 13 years at the firm and nearly 40 years of accounting, finance, and broad management experience.”
“Following his retirement, Ken plans to devote his time and talents to his continued board activities and the community,” T.Rowe Price said.
Share price rise since February 2009
The change follows a rise in the share price of T.Rowe Price Group since February 2009.
Chaired by Brian Rogers
T.Rowe Price Group is chaired by Brian Rogers.
Rogers is chairman of the Board and chief investment officer of T.Rowe Price Group, Inc.
Bill Stromberg serves as CEO of T.Rowe Price Group. Stromberg is president and CEO of T.Rowe Price Group, Inc., and is a member of its Board of Directors.
On the job as CFO since 2004
Kenneth Van Moreland is the Chief Financial Officer since March 8, 2004, Treasurer since 2010 and Vice President since 2004 at T.Rowe Price Group, Inc.
As CFO, Moreland oversees the firm’s financial operations and reporting in addition to managing the finance, facilities, investor relations, and risk management efforts.
Prior to joining T.Rowe Price in March, 2004, Moreland was a senior vice president, chief financial officer and director with RTKL Associates, Inc., a Baltimore-based international architectural firm.
Prior to that, he was a Client Service Partner for Coopers & Lybrand.
Additionally, he completed a two-year accounting fellowship with the Securities and Exchange Commission.
Moreland earned a B.S. in business administration from Towson University.
He is a certified public accountant and a member of the American Institute of Certified Public Accountants and the Maryland Association of Certified Public Accountants.
He currently serves on the Boards of Directors of the Baltimore Development Corporation, University of Maryland Medical Systems, and Messiah College.
He has also been active on the Owings Mills Corporate Roundtable, and has served as chair for the past 10 years.
Additionally, he has served on the Boards of Towson University and the Y of Central Maryland.
Moreland’s official retirement date has not been determined beyond being later in 2017 as he will be assisting the firm through the transition period.
Generally speaking, when a top manager announces to step aside with no successor available, it’s a sign that the move was unplanned and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Ken Moreland’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 02.2017 ($).