T Rowe Price Group, a US-based asset management firm, has named its head of global equity and global research William Stromberg as its new CEO and president, effective 2016.
Stromberg will replace James Kennedy, who is set to step down on 31 December 2015 before formally retiring at the company’s annual general meeting in April 2016.
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Kennedy had a 38-year stint at the firm, serving as CEO and president for the last nine years. He will also relinquish his role as chair of the firm’s management committee.
Eric Veiel, currently director of equity research for North America, will replace Stromberg as head of global equity and global research. Veiel is a member of the US equity steering committee
Veiel will also assume a role on the management committee, with his promotion effective from 1 January of next year.
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