Jim Kennedy is stepping down as president of T. Rowe Price, and a top company insider will fill his shoes.

This morning Brian Rogers, chairman and chief investment officer of T. Rowe, confirms that on December 31 Kennedy, 61, will step down as president and CEO. Bill Stromberg, T. Rowe's head of global equity and global equity research, will take over for Kennedy.

“Bill and I have worked closely together for nearly 28 years and I am proud that he will succeed me as president and CEO," Kennedy states. "I have the utmost confidence that under his leadership and stewardship, we will sustain and enhance our stellar reputation and that our clients, associates, and stockholders will continue to be well served in the years ahead.”

Kennedy, according to the announcement, will retire from the firm at the company’s Annual Meeting on April 27, 2016 and Stromberg will become president and CEO and chair of the management committee, effective January 1, 2016.

Kennedy, a 37-year T. Rowe Price veteran, joined the global investment management organization in 1978 as an equity analyst, after earning his M.B.A. from the Stanford Graduate School of Business. He transitioned to management in 1987, becoming director of equity research. Jim was elected to the T. Rowe Price Group board of directors in 1996, held the title of director of equity in 1997, and joined the management committee in 2000. He became CEO and president in 2007.

Stromberg, 55, joined T. Rowe Price in 1987 as an equity analyst, after achieving his M.B.A from the Tuck School of Business at Dartmouth. His role as an analyst led him to becoming the original portfolio manager of the U.S. dividend growth equity strategy from the end of 1992 to March 2000. He upheld the title of associate director of equity research in 1997, director of equity research in 1999, and director of global equity research in 2004. Stromberg was named co-director of equity in 2005, director of equity in 2007 and head of Global equity in 2009. He also currently serves as head of U.S. equity and chair of the U.S. equity steering committee. Bill joined the management committee in 2007.  

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