Cynthia Egan, president of retirement plan services at T. Rowe Price, will retire at the end of the year.
T. Rowe Price then will create a new division, U.S. investment services, to be led by Scott David, who will report to Edward C. Bernard, vice chairman of the T. Rowe Price Group. Mr. David is now head of third-party distribution.
Ms. Egan's “decision to retire was what led us to accelerate the next steps in the realignment of our distribution activities serving individual investors in the U.S.,” company spokesman Brian Lewbart said in an interview.
This new division “will include the existing retirement plan services, U.S. third-party distribution and retail direct channels,” according to a company news release.
“The formation of U.S. investment services helps us take advantage of evolving opportunities across client segments serving individuals,” Mr. David said in the news release. “With this new structure, we will be able to serve the distinct needs of each channel while also leveraging the capabilities that are relevant across these segments, ultimately better serving our clients.”
Reporting to Mr. David will be Kevin Collins as head of sales and client services for retirement plan services and Aimee DeCamillo, in charge of retirement plan services product and marketing. Mr. Collins now is head of retirement plan services sales; Ms. DeCamillo's title has not changed.
Neither Ms. Egan nor Mr. Bernard could be reached for comment.