T. Rowe Price Group Inc. announced Wednesday that Chairman Brian Rogers would retire in the Baltimore-based money management firm’s annual shareholders meeting on April 25.
T. Rowe President and CEO William J. Stromberg will become chairman of the board at that time.
T. Rowe also announced that it was increasing its dividend to 76 cents per share from 70 cents. The dividend will be paid March 29 to shareholders of record as of March 15.
Rogers had been with T. Rowe for nearly 35 years when he stepped down as the company’s chief investment officer in 2017. He’d been a director of the firm since 1997 and long managed the T. Rowe Price Equity Income Fund, one of the firm's largest funds.
“As the chair and a long-time member of the Board, Brian has contributed greatly to our deliberations, bringing deep market and industry insights, encouraging thoughtful and collegial discussion, and fostering sound corporate governance practices,” said Alan Wilson, T. Rowe’s lead independent director, in a statement. He has also been instrumental in helping the firm maintain its strong financial discipline, and in guiding the Board's commitment to diversity.
“As an investor, senior executive, and Board member, Brian's positive impact on T. Rowe Price clients, associates, and stockholders will continue to be felt for years to come.”
T. Rowe Price has a little more than $1 trillion in assets under management.
4:15 p.m. An earlier version of this story used an incorrect year for when Brian Rogers became a director at T. Rowe Price. The Sun regrets the error.