Egan, who has served as head of Retirement Plan Services (RPS) for the past five years, will retire on December 31.
“Cynthia has made valuable contributions to our clients, the firm and the industry, and leaves behind a strong team that will keep us positioned for future success in the retirement business,” Edward C. Bernard, vice chairman of T. Rowe Price Group, said. “Under her leadership, T. Rowe Price has seen significant growth in the number of retirement plans and participants it serves, and has continued to deliver high client satisfaction and loyalty. She has also been a vocal advocate for strengthening the defined contribution plan as a pillar of the U.S. retirement system and for emphasizing retirement income as a key measure of participant success.”
With Egan’s retirement, the firm will move forward with an alignment of distribution activities serving the needs of U.S. individual investors. T. Rowe price has formed U.S. Investment Services—a new division, led by Scott David—which will include the existing retirement plan services, U.S. third-party distribution and retail direct channels. In this role, David will provide senior leadership for RPS and will report to Bernard. As co-leaders of the RPS channel, Kevin Collins and Aimee DeCamillo will report to David.
Before joining the firm in 2011, David held several leadership roles at Fidelity Investments, most recently as president of its Institutional Retirement Services. Before this, he was president of U.S. Retirement Services for Deutsche Asset Management/Scudder Investments.