BALTIMORE, April 17 /PRNewswire-FirstCall/ -- T. Rowe Price Group has
named Cynthia L. Egan as president of T. Rowe Price Retirement Plan
Services, its subsidiary that offers comprehensive defined contribution
plan services to companies nationwide. In her new role she will lead the
organization's efforts to provide investment management, recordkeeping,
client servicing, participant education, and compliance services to more
than 2,900 plans with more than 1.5 million participants. Ms. Egan begins
her duties May 14, 2007.
Prior to joining T. Rowe Price, Ms. Egan served as executive vice
president of Fidelity Investments, where she recently led corporate
initiatives to evaluate and address the firm's global retirement service
practices in addition to recent efforts addressing innovation. In addition,
she led the development and launch of Fidelity's retail and institutional
post-retirement products and services, known as Fidelity Retirement Income
Advantage.
Ms. Egan also served as executive vice president of Fidelity
Institutional Tax-Exempt Services Company, where she oversaw Fidelity's
workplace retirement savings offerings for tax-exempt organizations; and as
president of the Fidelity Charitable Gift Fund, which under her leadership
became the nation's second largest public charity. During her tenure at
Fidelity, which began in 1989, she also held numerous leadership positions
as a member of the team that built Fidelity's defined contribution
business. In these roles, her responsibilities included trustee and
fiduciary services, relationship management, sales, and operations.
Before she joined Fidelity, Ms. Egan was vice president of large plan
defined contribution services for Bankers Trust Company and manager of
financial services consulting for KPMG Peat Marwick.
"We are delighted to have someone of Cynthia's caliber and experience
join us as we continue to reinforce our leadership position in retirement
planning and the defined contribution industry," said T. Rowe Price Group
Vice Chairman Edward C. Bernard. "Her client-centered leadership, deep
experience as a retirement services industry thought-leader, and success in
developing innovative products and services to help active and retired
employees meet their retirement goals, will be tremendous assets to T. Rowe
Price and to our clients and plan participants."
"I am pleased to have an opportunity to join another industry leader to
head a team of retirement plan service professionals focused on supporting
plan sponsors and helping participants save and prepare for a financially
secure retirement," said Ms. Egan. "I look forward to helping T. Rowe Price
build on its achievements in collaborating with plan sponsors to maximize
the benefit of their plans, providing market leadership in service and
product innovations, and delivering customized and client-focused investor
education and communication."
Ms. Egan succeeds Charles E. Vieth, who retired in late 2006 following
a 24-year career at T. Rowe Price.
Founded in 1937, Baltimore-based T. Rowe Price Group (Nasdaq: TROW) is
a global investment management organization with $334.7 billion in assets
under management as of December 31, 2006. The organization provides a broad
array of mutual funds, sub-advisory services, and separate account
management for retirement plans, individual and institutional investors,
and financial intermediaries. T. Rowe Price's disciplined, risk-aware
investment approach focuses on diversification, style consistency, and
fundamental research. More information is available at http://www.troweprice.com.
SOURCE T. Rowe Price
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Related links:
http://www.troweprice.com
CONTACT:
Brian Lewbart, +1-410-345-2242, or Heidi
Walsh, +1-410-345- 7783, both of T. Rowe Price
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