(updated with correction)
Mr. David, who was president of workplace investing at Fidelity until last year, will report to Edward Bernard, vice chairman of the firm, said T. Rowe Price spokeswoman Heather McDonold. Mr. David replaces John Cammack, who retired in September 2009, she said.
Mr. David will begin May 2.
Mr. David had been with Fidelity for seven years. In his most recent role at the firm, he was responsible for all aspects of its retirement business.
Before joining Fidelity in 2003, he was president of U.S. retirement services at Scudder Investments, now part of Deutsche Bank's DWS Investments.
Mr. David couldn't be reached for comment.
Also, another Fidelity exec, Kimberly Baker, was hired as director of intermediary relations for T. Rowe Price Retirement Plan Services, confirmed spokesman Brian Lewbart.
Ms. Baker replaces Heidi Walsh, who left T. Rowe Price to become vice president of defined contribution investment solutions at J.P. Morgan Asset Management in May 2010. Ms. Baker will be in charge of strengthening relationships with consultants and advisers to the defined contribution industry.
Ms. Baker, who started in January, had been vice president of consultant relations at Fidelity Investments' personal, workplace and institutional services unit. Her duties are being handled by other employees while Fidelity conducts a search for her replacement, said spokesman Adam Banker.
T. Rowe Price also named Dan Darfler as director of national account sales for T. Rowe Price Retirement Plan Services, a new position. Mr. Darfler was most recently responsible for “direct institutional sales in the large corporate market for certain regions” at Prudential Retirement, Mr. Lewbart wrote. He didn't have additional details, and Prudential spokesman Josh Stoffregen declined to comment.
Jessica Toonkel is a reporter with InvestmentNews, a sister publication of Pensions & Investments.