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Kennedy, T. Rowe’s CEO, to step down at year’s end

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James A.C. Kennedy, CEO and president and chair of the management committee at T. Rowe Price, has decided to step down from those roles effective Dec. 31, 2015, the company announced Wednesday. He will retire from the Baltimore-based asset manager at the company’s Annual Meeting on April 27, 2016, after 38 years with the firm, the last nine as CEO and president. William J. Stromberg, a 28-year veteran of the company who is currently head of Global Equity and Global Equity Research and a member of the firm’s management committee, will succeed Kennedy. Stromber will become president and CEO and chair of the Management Committee, effective Jan. 1, 2016. He will also join the Board of Directors.

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