James A.C. Kennedy, the T. Rowe Price Group CEO who plans to step down after this year, will stay on as a part-time consultant making $250,000 annually, the company disclosed in a filing last week.
Kennedy announced in May he planned to step down after Dec. 31, and the Baltimore-based money management company announced a successor: William J. Stromberg, a 28-year veteran of the firm.
Last year, Kennedy took home about $8.9 million in compensation after a boost in his incentive pay, up from $8.5 million in 2013. According to the U.S. Securities and Exchange Commission filing, Kennedy will receive the $250,000 for up to eight weeks worth of full-time work, plus out of pocket expenses.
The agreement will renew each year until it is terminated by Kennedy or the company, according to the filing.