Brian C. Rogers plans to step down as portfolio manager of T. Rowe Price's $30 billion Equity Income Fund, the firm's second-largest mutual fund, in October 2015, according to company spokesman Brian Lewbart.
Mr. Rogers is not retiring. He will remain chairman and chief investment officer of T. Rowe Price.
Effective Nov. 1, 2015, John D. Linehan, co-portfolio manager of the $1.9 billion Institutional Large-Cap Value Fund and head of U.S. equity, will replace Mr. Rogers as Equity Income Fund portfolio manager. He will remain co-portfolio manager of the Institutional Large-Cap Value Fund with Mark S. Finn.
Also, Mr. Linehan will step down as head of U.S. equity, and those duties will be taken on by Bill Stromberg, head of equity, effective immediately.