Timothy D. Armour, chairman and CEO of Capital Group, will retire at the end of the year after 40 years at the company, the firm announced Thursday.
Michael C. Gitlin will assume the role of CEO from Mr. Armour and the role of president from Robert W. Lovelace, who is currently president and vice chairman of Capital Group. Mr. Lovelace will become the chairman of Capital's management team, according to a news release Thursday.
Mr. Lovelace will continue as an equity portfolio manager, Mr. Armour said in the news release.
Messrs. Armour and Lovelace will also step down from Capital Group's management committee in October.
Martin Romo will become chairman of Capital Group and CIO of the firm.
The CIO role is new, said a company spokeswoman in an email.
"While this is the first time we've used this title, this role — overseeing the health of the Capital System (the firm's investment process) — has been part of other leaders' responsibilities since our firm's inception over 90 years ago," said the spokeswoman.
Joanna F. "Jody" Jonsson will assume the role of vice chairwoman of Capital Group from Mr. Lovelace and will retain her role as president of Capital Research Management Co. and chairwoman of the CRMC executive committee.
All of the transitions to these roles will be effective Oct. 24, according to the release.
"Over the decades, Capital Group has thoughtfully grown to ensure the business is healthy and built for the long term," Mr. Armour said in the release, adding "it is with that same consideration and care that Capital has carefully selected our next leaders."
