Retiring Chairman and President George Roche to Step Down at End of Year
BALTIMORE, Dec. 14 /PRNewswire-FirstCall/ -- T. Rowe Price Group, Inc.
(Nasdaq: TROW) announced today that its Board of Directors declared a
quarterly dividend of $0.17 per share payable January 12, 2007 to
stockholders of record on December 29, 2006, and as planned, formally
elected James A.C. Kennedy as president and chief executive officer of the
firm. Also as planned, the Board of Directors elected Brian C. Rogers
chairman of the board and Edward C. Bernard vice chairman. The election of
Messrs. Kennedy, Rogers, and Bernard becomes effective on January 1, 2007
following the retirement of Chairman and President George A. Roche on
December 31, 2006.
The quarterly dividend represents a 21% increase over the previous
quarterly dividend rate of $0.14 per share. T. Rowe Price has raised its
dividend every year since becoming a public company in 1986.
Mr. Kennedy, 53, is currently director of equities. Mr. Rogers, 51,
will continue to serve as chief investment officer, as well as the manager
of the T. Rowe Price Equity Income Fund and large-cap value portfolios for
institutional clients. Mr. Bernard, 50, has management responsibilities for
the firm's marketing, distribution, client service, and technology
activities. Also, as part of the transition, William J. Stromberg, 46,
becomes the director of equities and remains head of global equity
research.
Mr. Roche, 65, started with T. Rowe Price as a natural resources
analyst in 1968 working with company founder Thomas Rowe Price, Jr., and
was portfolio manager of the New Era Fund from 1979 through 1997. He has
served on the Board of Directors since 1980 and was chief financial officer
from 1984 through 1997. Mr. Roche became chairman and president in 1997.
Founded in 1937, Baltimore-based T. Rowe Price is a global investment
management organization with $308.1 billion in assets under management as
of September 30, 2006. The organization provides a broad array of mutual
funds, sub-advisory services, and separate account management for
individual and institutional investors, retirement plans, and financial
intermediaries. The company also offers a variety of sophisticated
investment planning and guidance tools. 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 Group, Inc.
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Related links:
http://www.troweprice.com
CONTACT:
Brian Lewbart, T. Rowe Price Group,
+1-410-345-2242
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