BALTIMORE, Feb. 20,
2024 /PRNewswire/ -- The Board of Directors
of T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), announced
today that William J. Stromberg, its
non-executive chair, and Dr. Freeman A.
Hrabowski, its chair of the Nominating and Corporate
Governance Committee, will retire from the Board at the company's
upcoming May 7, 2024, annual meeting
of stockholders. At that time, Robert W.
Sharps will become chair of the Board, in addition to
continuing as chief executive officer and president. Both Mr.
Stromberg and Dr. Hrabowski will continue to serve on the Board
until the meeting.
QUOTES
Alan Wilson, Lead Independent
Director
"As chair and a longtime member of the Board, Bill has made
significant contributions to T. Rowe
Price. During his tenure as chair and CEO, he led
significant initiatives such as the launching of T. Rowe Price
Investment Management (TRPIM) and the firm's significant global
expansion. As non-executive chair, Bill continued his commitment to
strong financial discipline and the buildout of diverse Board
leadership. Bill's impact on T. Rowe
Price will be felt for years to come. We thank him for his
effort."
"Freeman has been an impactful member of the Board for more than
a decade. As chair of the Nominating and Corporate Governance
Committee, Freeman led the Board's review of the firm's corporate
social responsibility and environmental, social and governance
(ESG) efforts. In addition, Freeman was instrumental in supporting
the development of the Board, including through the Board's
self-evaluation and nomination processes. We thank him for his
integrity, insight, and thoughtful leadership over the years."
"On behalf of the Board, I would like to thank Rob for taking on
the role of chair in addition to his current responsibilities. As a
result of his strong leadership of the firm through challenging
times, the Board felt combining the chair and CEO roles was the
right choice, and we are excited about the steps he's taken and his
vision for the future of the firm."
ABOUT T. ROWE PRICE
Founded in 1937, T.
Rowe Price (NASDAQ: TROW) helps
people around the world achieve their long-term investment goals.
As a large global asset management company known for investment
excellence, retirement leadership, and independent proprietary
research, the firm is built on a culture of integrity that puts
client interests first. Investors rely on the award-winning firm
for its retirement expertise and active management approach of
equity, fixed income, alternatives, and multi-asset investment
capabilities. T. Rowe Price manages
USD $1.45 trillion in assets
under management as of January 31,
2024, and serves millions of clients globally. News and
other updates can be found on Facebook,
Instagram, LinkedIn, X, YouTube,
and troweprice.com/newsroom.
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SOURCE T. Rowe Price Group