After 38 years with T. Rowe Price Group, Chairman and President George A. Roche announced that he plans to retire in the fourth quarter of 2006.

To replace Roche, the board of directors has selected James A.C. Kennedy, currently director of equities. He will be given the titles of president and chief executive officer. The board of directors also plans to elect Brian C. Rogers as chairman of the board and Edward C Bernard as vice chairman. In addition, William J. Stromberg, co-director of equities, will succeed Kennedy upon his promotion.

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