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Results from 'Magnificent Seven' duo show cloud revenue boosted by strong AI demand

UPDATE 1-T. Rowe Price CEO Stromberg to retire at year-end

Reuters
·1 min read

(Adds details on the management change)

July 29 (Reuters) - Investment management firm T. Rowe Price said on Thursday Chairman and Chief Executive Officer Bill Stromberg would retire on Dec. 31, after 35 years at the company.

Stromberg will be succeeded by President Rob Sharps as CEO and continue to serve as the non-executive chairman, the company said.

Sharps, a 24-year veteran of the firm and the head of its investments, will start as CEO on Jan. 1, 2022 and also hold the role of the chair of the management committee.

The company also reported its second-quarter results on Thursday, saying its assets under management grew to $1.62 trillion at the end of the quarter ended June 30.

Net income applicable to the company rose more than 35% to $815.7 million, or $3.46 per share. (Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni)