Capital Group’s board of directors has approved three major appointments that will assume the management responsibilities of Tim Armour, chairman and chief executive officer and Rob Lovelace, vice chair and president.
Mr Armour and Mr Lovelace will both step down from Capital Group’s management committee in October.
Mike Gitlin will step into the roles of president and CEO of Capital Group and chair of the management committee. With his career with Capital spanning eight years, Mr Gitlin is currently head of fixed income and serves on the management committee and chairs the fixed income management committee and finance committee.
Before joining the company, he was head of fixed income at T. Rowe Price, and earlier, its global head of trading.
Martin Romo will become chairman of Capital Group and chief investment officer. As CIO, he will oversee the operations of The Capital System, Capital’s investment process.
Mr Romo’s 31 years of investment experience have all been with Capital Group. He currently manages portfolios at The Growth Fund of America and The Investment Company of America, for which he is also principal investment officer.
Jody Jonsson will be appointed vice chair of Capital Group and will remain in her current roles as president of Capital Research Management Company (CRMC) and chair of the CRMC executive committee.
Prior to her 32-year career with the company, she was an equity research analyst at Fidelity Management & Research Company in Boston and an officer at Irving Trust Company in New York.
Mr Armour, who will retire after a 40-year career with Capital, noted: “Throughout our over 90-year history, continuity and consistency have been a hallmark of how we manage assets for clients, and formal succession planning is critical to delivering superior, long-term investment results for them.”
“It has been a privilege to be part of building and passing along a strong and unique culture. I am proud to see how well-positioned Capital is and am confident the next leadership group will continue to deliver on our mission — helping people achieve their long-term financial goals.”
Mr Lovelace, who will continue with Capital Group as a portfolio manager, concluded: “Over the decades, Capital Group has thoughtfully grown to ensure the business is healthy and built for the long term. It is with that same consideration and care that Capital has selected our next leaders. Mike, Martin and Jody are people I have worked with for years and greatly admire.”
