T. Rowe Price Executive Announces Retirement

OWINGS MILLS, MD — T. Rowe Price leaders announced Wednesday that CFO Kenneth V. Moreland will retire this year after more than a decade with the financial management company. Officials said the search would begin immediately for Moreland's successor.

Moreland, who has been with T. Rowe Price for 13 years, plans to continue on as a board member.

"Ken is widely appreciated for his intellect, judgment, and thoughtful leadership style," President/CEO William J. Stromberg said in a statement. "He has been a trusted steward of our financial operations and reporting, and he deftly handled an ever broadening set of responsibilities over the years, including facilities, investor relations and risk management."

Added Stromberg: "...we are all grateful for his strong and effective leadership, and his devotion to the firm, our associates, and our clients."

While Moreland plans to retire sometime in 2017, the exact date has not yet been set. In the meantime, he will assist T. Rowe Price with the transition.

Pictured, T. Rowe Price in the 4500 block of Painters Mills Road in Owings Mills, via Baltimore County Government.