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James A.C. Kennedy

T. Rowe Price CEO to retire, replacement named

T. Rowe Price CEO to retire, replacement named

James A.C. Kennedy, who oversaw T. Rowe Price Group Inc. as it navigated the financial crisis of 2008, announced Wednesday that he will step down at the end of the year. During his nine-year tenure as its president and CEO, the Baltimore-based money management firm more than doubled its assets under management. In keeping with the company's track record of well-planned management transitions, it named a successor: William J. Stromberg, a 28-year veteran of the firm who will take over on Jan. 1. Kennedy, 61, said he and Stromberg, Price's head of global equity and global equity research, had worked very closely for the last 28 years, speaking on average more than once a day. ...