William J. Stromberg was named president and CEO of T. Rowe Price Group, effective Jan. 1, spokesman Brian Lewbart said.
Mr. Stromberg also will become chairman of the firm's management committee and join the board of directors at that time.
Mr. Stromberg will replace James A.C. Kennedy, who is retiring. He is currently head of global equity and global equity research at T. Rowe Price. Mr. Kennedy will officially retire April 27, 2016, at the company's annual meeting.
Mr. Lewbart told Pensions & Investments that this was part of a “well-planned” succession.
Eric L. Veiel, a director of equity research, North America and a member of the U.S. equity steering committee, will become head of U.S. equity and chairman of the U.S. equity steering committee, effective Jan. 1. Mr. Veiel will also join the management committee at that time.
Mr. Stromberg's remaining responsibilities as head of global equity and global equity research will be redistributed to other members of the team.
T. Rowe Price Group had $772.7 billion in assets under management as of March 31.