Former JHU football star Bill Stromberg to take over as T. Rowe Price CEO
Bill Stromberg—arguably the best football player in Johns Hopkins University's history—is now poised to take over as president and CEO of T. Rowe Price at the end of this year.
Stromberg has served as head of global equity at the Baltimore-based money management firm since 2004. He will replace James A.C. Kennedy, who announced his retirement last week.
Kennedy has worked closely with Stromberg over the past 28 years. "Bill's ready," Kennedy told The Baltimore Sun. "It just feels like the right time to be passing the baton to the next brain."
Stromberg, 55, told The Sun that he sees himself as part of a natural transition for T. Rowe Price. "I think we have a very strong company and don't need a lot of new direction," he said. In an interview with the Baltimore Business Journal, he added that he intends to continue the firm's focus on diversifying its global business. T. Rowe's assets under management totaled $772.7 billion as of the end of March, according to the BBJ.
Stromberg holds the distinction as the only Blue Jay ever elected to the College Football Hall of Fame. He and Jim Magraff, who became JHU's head coach in 1990, became the greatest passing combination in school history.
Stromberg also played baseball during his time at Hopkins, from 1978 to 1982. He's currently a member of the university's Board of Trustees, and Stromberg Stadium, completed last year, is named in his honor.
Stromberg, who earned his MBA from the Dartmouth's Amos Tuck School, first joined T. Rowe Price in 1987 as an analyst and portfolio manager.