T. Rowe Price Group announced Monday that James S Riepe, vice chairman, plans to retire from the firm at the end of this year, and that Edward C. Bernard will be his replacement.
Riepe has been with the firm for 24 years and has led the firm's marketing, investor service, and technology services since he first joined the firm in 1981. The firm's assets have grown by $232 billion since Riepe joined. Riepe also recently completed his second term as chairman of the Investment Company Institute.
At the age of 62, Riepe is truly an industry veteran, as he has been a visible and prominent part of the mutual fund business for 36 years. Bernhard has been with the firm and working alongside Riepe since 1988. Currently, he oversees the firm's distribution activities for individual investors and financial intermediaries, as well as corporate marketing and communications functions.
"Jim Riepe has been a prominent leader in our firm and our industry over the past 24 years," said George A. Roche, chairman and president. "He has made substantial contributions to the firm's growth and stature, both nationally and globally. His retirement comes at a time when T. Rowe Price is in a strong position financially and competitively, and our distribution and servicing activities are well-positioned for the future."
Roche also added that Riepe's retirement is part of a long-planned transition of the firm's seven-member management committee.