T. Rowe President Sharps to succeed Stromberg as CEO

Chief Executive Bill Stromberg is retiring after 35 years at the Baltimore-based asset management company.

T. Rowe Price Group, the investment firm with $1.62 trillion in assets under management, said Chief Executive Bill Stromberg will retire after 35 years at the company, and be succeeded by President Rob Sharps.

Stromberg, who’s also chairman of the Baltimore-based firm, will leave his positions on Dec. 31, T. Rowe Price said in a statement Thursday. Sharps will keep his role of president, take over as chair of the management committee and join the company’s board.

“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,” Alan D. Wilson, T. Rowe Price’s lead independent director, said in the statement.

T. Rowe Price also said that Celine Dufetel, the company’s chief operating officer, chief financial officer and treasurer, will leave at the end of the month to assume a leadership position with a fintech company. Jen Dardis, currently head of finance, will become CFO and treasurer and join the management committee. Dufetel’s COO responsibilities will transition on an interim basis to Robert Higginbotham, a member of the management committee. Dufetel will serve in an advisory role with T. Rowe Price until Aug. 31.

[More: T. Rowe Price’s Rob Sharps talks about investing for growth]