Capital Group is set to shake up its senior leadership with CEO Tim Armour and president Rob Lovelace both set to step down.
On 24 October, Mike Gitlin will become president and CEO, while portfolio manager Martin Romo has been elected as chair and chief investment officer.
Gitlin is currently head of fixed income, having joined the firm from T Rowe Price eight years ago.
Romo has spent his entire 31-year career at Capital and steps up to the CIO role from being a portfolio manager on the Growth Fund of America.
Meanwhile, equity portfolio manager Jody Jonsson will take over as vice-chair. She has 32 years investment experience at the firm.
Armour, who is set to retire after a 40-year career at the firm, said: “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.”
Having served as president of the firm, Lovelace will continue as a portfolio manager on the New World fund.
As of 31 December, Capital Group manages approximately $2.2trn (£1.8trn) in equity and fixed-income assets for global individual and institutional investors.
See also: Capital Group eyes move to bigger and greener London HQ
