Testa will hand over the chief investment officer reins to Brian Rogers at the end of year and will retire from the firm and its board of directors in April.Rogers joined the firm in 1982 and has managed the T. Rowe Price Equity Income Fund since its 1985 inception, as well as other institutional equity portfolios. He will retain his portfolio management responsibilities, the firm said in a news release.
T. Rowe positioned the move as part of a firm succession plan. Following Testa’s retirement, T. Rowe chairman and president George A. Roche will take over management responsibility for the firm’s investment divisions. “David has had a highly successful investment career spanning more than 30 years with T. Rowe Price, and we respect his desire to bring his career to a close and explore other life interests,” Roche said in the statement. “He has been planning his departure for some time and is retiring at a time when the firm is in a strong position financially and competitively.
Further, upon Testa’s retirement, Rogers will be recommended to replace him as a director on the boards of T. Rowe’s mutual funds.
The changes are all necessary T. Rowe said because the chief investment officer at T. Rowe does not act as the primary investment strategist in determining day-to-day investment strategy or allocations like the same role would at other investment firms. Rather, the CIO at T. Rowe Price provides intellectual leadership, philosophical direction, and a long-term perspective to the investment management process, while also adding an investment perspective to the firm’s corporate decisionmaking. Additionally, the position participates as a member of the firm’s three investment steering committees.