T. Rowe Price Group said Wednesday that its board has elected Robert F. MacLellan as a new independent director, bringing the total to 10 members.

MacLellan is non-executive chairman of Northleaf Capital Partners, Canada's largest independent global private equity fund manager and advisor. Previously, MacLellan was chief investment officer of TD Bank Financial Group.

The board also approved a 15 million-share increase under its stock repurchase plan, bringing the total repurchase authorization remaining to 22.4 million shares.

hanah.cho@baltsun.com