(updated with correction)
R. Todd Ruppert will retire as head of T. Rowe Price Global Investment Services, the institutional client service arm of T. Rowe Price, on June 30, the firm announced Wednesday. .
Mr. Ruppert. a 27-year veteran of the firm, is planning to focus on philanthropic activities, according to a T. Rowe Price news release.
A global search will be conducted to find a successor. In the interim, Keith W. Lewis, head of institutional sales and client service for North America, will “take on leadership of global strategic resources, consultant relations and marketing activities,” while Flemming Madsen, head of sales and client service for the Asia-Pacific region, “will lead the distribution and client service activities outside of North America.”