01—Abstract
Summary
Summary of the 8-K filed May 18, 2026. Cited figures are marked; the original filing is the authoritative source.
T.
Rowe Price Group, Inc. (NASDAQ: TROW) filed a Current Report on Form 8-K dated May 18, 2026, disclosing a leadership restructuring. The Board of Directors approved on May 15, 2026 the appointment of Eric L. Veiel as President, Co-Head of Global Investments and Chief Investment Officer, effective immediately per the filing.
The accompanying press release (Exhibit 99.1) states that Veiel's presidency takes effect June 1, and that Rob Sharps will continue as chair and chief executive officer, setting the firm's overall vision and strategy. The press release describes the broader restructuring. Sébastien Page, currently head of Global Multi-Asset and chief investment officer, becomes co-head of Global Investments and chief investment officer effective June 1, and will remain acting head of Global Multi-Asset through September 30.
Effective October 1, Wyatt Lee, currently head of Target Date Strategies, becomes head of Global Multi-Asset while continuing as head of Target Date Strategies and co-portfolio manager of the target date portfolios. Veiel and Page will report to Sharps and remain members of the Management Committee, and Lee will join that committee effective January 1, 2027.
The company states the changes are designed to advance its strategy, enhance its pace of innovation, and deepen its focus on client outcomes, with Veiel emphasizing adoption of innovative technologies to improve operational efficiency. The press release notes the firm had $1.83 trilliona in client assets as of April 30, 2026, about two-thirds of which are retirement-related.
02—Key points
Key Highlights
- Eric L. Veiel appointed President, Co-Head of Global Investments and Chief Investment Officer; Board approval dated May 15, 2026
- Rob Sharps remains Chief Executive Officer and chair, setting overall firm vision and strategy
- Sébastien Page becomes co-head of Global Investments and chief investment officer effective June 1, 2026, and remains acting head of Global Multi-Asset through September 30, 2026
- Wyatt Lee to become head of Global Multi-Asset effective October 1, 2026, while continuing as head of Target Date Strategies and co-portfolio manager of target date portfolios
- Veiel and Page will report to Sharps and remain on the Management Committee; Lee joins the committee effective January 1, 2027
- Firm reports $1.83 trillion in client assets as of April 30, 2026, about two-thirds retirement-related
- Leadership changes framed as advancing strategy, enhancing innovation pace, and deepening client outcomes focus
03—Questions
Frequently Asked Questions
Who is Eric Veiel and what is his new role?
Eric L. Veiel has been with T. Rowe Price for more than 20 years and previously served in key leadership roles across the firm's Investments organization. He was appointed President, Co-Head of Global Investments and Chief Investment Officer, with the press release stating the presidency takes effect June 1. As president, he will help drive enterprise-level strategy with an emphasis on adopting innovative technologies.
Is the CEO changing?
No. The filing states that Rob Sharps will remain Chief Executive Officer of the Company, and the press release says he will continue to lead the firm as chair and chief executive officer.
What happens to the Global Multi-Asset leadership?
Sébastien Page will remain acting head of Global Multi-Asset through September 30. Effective October 1, Wyatt Lee, currently head of Target Date Strategies, becomes head of Global Multi-Asset and will also continue leading Target Date Strategies and co-managing the target date portfolios.
When do these changes take effect?
The Board approved Veiel's appointment on May 15, 2026, effective immediately per the 8-K. The press release gives June 1 as the effective date for Veiel's presidency and Page's co-head role, and October 1 for Lee's Global Multi-Asset role. Lee joins the Management Committee effective January 1, 2027.
How large is the firm's asset base?
The press release states T. Rowe Price was entrusted with $1.83 trillion in client assets as of April 30, 2026, about two-thirds of which are retirement-related.
04—Continue