After 38 years with the firm, James A.C. Kennedy will announce his retirement at the company’s annual meeting on April 27, 2016. He will be stepping down from his role as chair of the firm’s management committee, as well as his position as CEO and president, which he has held for the past nine years.

“Having become CEO and president in January 2007, just months before the onset of the global financial crisis, his leadership helped T. Rowe Price emerge from the downturn in remarkably good shape,” says Brian C. Rogers, chairman and CIO. “Importantly, he has always put our clients’ interests first, while ensuring that we take care of our most important asset, our people.”

Kennedy earned his master’s degree in business administration from the Stanford Graduate School of Business before joining T. Rowe Price in 1978.

“I am particularly proud of our efforts over the years to maintain and grow the strength of our investment divisions, to continue delivering strong investment performance for our clients and to broaden our diverse talent base across the organization,” Kennedy comments.

Taking the reins as president, chief executive and chair of the management committee will be William J. Stromberg. He currently serves as head of global equity and global equity research, and member of the firm’s management committee. He will step into his new role on January 1.

“Throughout his 28-year career with the firm, he has consistently demonstrated his abilities as a talented investor, principled decision-maker and highly effective leader,” adds Rogers says.

Stromberg joined the company in 1987 after receiving a master’s degree in business administration from the Tuck School of Business at Dartmouth. He first served as an equity analyst before being named to more advanced positions within the firm’s equity business.

Additionally, the firm said Eric L. Veiel, director of equity research in North America and member of the U.S. equity steering committee, will become head of U.S. equity and chair of the U.S. equity steering committee as of January 1. He will join Stromberg on the management committee.

“With broad experience as an equity analyst, a portfolio manager and a director of equity research, Eric has developed the perspective and leadership skills required to thrive as head of U.S. equity,” Stromberg says. “He has played an increasingly influential role in guiding our equity management process, which has prepared him well to take on his new responsibilities.”

Veiel has16 years of investment experience, 10 of which were spent with T. Rowe Price. He previously worked with a range of financial services companies and holds a master’s degree in business administration from the John M. Olin Business School at.Washington University.

Based in Baltimore, T. Rowe Price reports $772.7 billion in assets under management as of March 31, and is a provider of mutual funds, subadvisory services and separate account management, as well as investment planning and guidance tools.