PRICE T ROWE GROUP INC appointed Robert W. Sharps as new CEO

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


(b) The information required by this Item 5.02(b) with respect to the retirement of Mr. Stromberg is incorporated herein by reference to Item 5.02(c) below.


(c) A previously announced, William J. Stromberg, chair of the Board of Directors (the "Board"), chief executive officer ("CEO"), and chair of the Management Committee of T. Rowe Price Group, Inc. (the "Company"), will retire from his roles at the Company on December 31, 2021. He will continue to serve on the Board as non-executive chair.


In addition, on December 7, 2021, the Board approved the appointment of Robert W. Sharps to succeed Mr. Stromberg in the offices of CEO, and chair of the Management Committee, effective January 1, 2022. He has also been elected to the Board effective upon the earlier of the first business day following the closing date of the Company's previously announced acquisition of Oak Hill Advisors, L.P. ("OHA") or January 1, 2022.


Mr. Sharps, age 50, has been President of the Company since 2021, the Company's Head of Investments and Group Chief Investment Officer since 2018, and Co-head of Global Equity from 2017 to 2018. Mr. Sharps was the lead portfolio manager of the Institutional Large-Cap Growth Equity Strategy from 2001 to 2016. Mr. Sharps joined the Company in 1997.


Also as previously announced, on December 7, 2021, the Board elected Mr. Glenn R. August as a director, effective upon the first business day following the closing date of the Company's acquisition of OHA. Mr. August has also been appointed to the Company's Management Committee effective upon the first business day following the closing date of the Company's acquisition of OHA. 


Mr. August, age 60, is the founder and CEO of OHA, and has overall management responsibility for OHA. In addition, he serves as global head of OHA's distressed investment activities. The Company and Mr. August entered into several agreements in connection with the acquisition of OHA, which were previously described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 28, 2021, and incorporated herein by reference.


A copy of the press release issued on December 8, 2021, announcing Mr. Stromberg's retirement, and Mr. Sharps' and Mr. August's appointments, is attached as Exhibit 99.1 to this Current Report on Form 8-K.