is taking over Capital Group
| Timothy D. Armour|
Today the giant mutual fund company's board of directors confirmed
the promotion of Armour, 54, to chairman of all of Capital Group. He succeeds Jim Rothenberg
, who died
of a heart attack last week at the age of 69.
After Rothenberg's death, speculation
as to his successor centered on two people: Armour, who already chairs both Capital Research and Management Company and Capital Group's overall management committee; and Rob Lovelace
, the 52-year-old president of Capital Research and Management and grandson of CapGroup's founder, Jonathan Bell Lovelace. Though Armour's promotion is the only one revealed by CapGroup's board today, Lovelace and one other executive, Capital Group president Phil de Toledo
, were both highlighted in the same release as "the other senior members of the firm's management committee."
| Robert W. Lovelace|
Capital Research and Management Company
"All of us here at Capital deeply mourn the loss of our friend and colleague, Jim," Armour states. "He was a purposeful leader, who possessed a talent for taking decision action in the best long-term interests of our clients, investors and associates."
Capital Group has 7,600 employees (associates, as they call themselves).
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