George A. Roche will retire as chairman and president of T. Rowe Price Group, confirmed spokesman Brian Lewbart. Mr. Roche will step down during the fourth quarter, when he will be replaced by James A.C. Kennedy, co-director of equities for the firm. William J. Stromberg, co-director of equities and director of global research, will assume sole responsibility for overseeing T. Rowe's equities when Mr. Kennedy becomes president as well as CEO. Brian C. Rogers, CIO, will become chairman of T. Rowe Price upon Mr. Roche's retirement. Mr. Rogers will maintain his responsibilities as the firm's CIO and will continue to manage large-cap value portfolios for institutional clients, as well as the T. Rowe Price Equity Income Fund. Edward C. Bernard, president of T. Rowe Price Investment Services, will also be named as the firm's vice chairman.