T. Rowe Price Group of Baltimore announced Monday that James S. Riepe, a vice chairman, will retire Dec. 31.
Mr. Riepe, 62, has led the firm's marketing, investor service, and technology activities since being hired in 1981. During that time, the firm's assets under management have grown from $13 billion to $244.8 billion as of June 30.
Edward C. Bernard, 49, will succeed him, the firm said. Mr. Bernard currently oversees distribution to individual investors and financial intermediaries as well as all corporate marketing and communications functions; he has worked with Mr. Riepe since being hired in 1988.
Mr. Riepe's terms on the firm's board and those of the T. Rowe Price's funds will expire in April. Mr. Bernard will be nominated to succeed him then.
