Capital Group have today announced its board of directors has approved the election of leaders to new roles that will assume the management responsibilities of Tim Armour, Chairman and CEO and Rob Lovelace, Vice-Chair and President.
Armour and Lovelace will both step down from Capital Group’s management committee in October of this year.
The Board of Directors has elected current Capital Group management committee members to the following new senior roles:
Mike Gitlin will become President and Chief Executive Officer (CEO) of Capital Group and Chair of Capital Group’s management committee. Drawing on his strong experience in the investment, operating, and client-facing groups, he will work with other leaders to execute on Capital’s strategy and growth plans.
Martin Romo will become Chairman of Capital Group and Chief Investment Officer (CIO). As CIO, Martin will focus on ensuring that The Capital System™, Capital’s investment process, continues to operate at the highest level. As Chair of Capital Group, he will partner with the other leaders in all aspects of Capital’s strategic goals, culture, and people.
Jody Jonsson will become Vice Chair of Capital Group and will continue as President of Capital Research Management Company (CRMC) and Chair of the CRMC Executive Committee. As with Martin and Mike, Jody’s experience spans the breadth of Capital, and she will help develop and drive strategic vision and execution.
All transitions will be effective as of October 24, 2023.
The new senior leaders will work with other members of Capital Group’s management committee to deliver on the firm’s existing long-term strategy. The Capital Group management committee sets, communicates, and implements Capital’s global business strategies, while protecting and promoting its unique culture. The changes announced today reflect a leadership succession plan that has been in motion for many years.
Tim Armour 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.”
Armour will retire at the end of 2023 after a 40-year career with Capital.
“I started at Capital right out of college, as many here do,” added Armour. “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.”
Capital Group has a long history of being a low-cost active manager pursuing superior returns for investors over the long term. In recent years, Capital has significantly grown its presence in Europe, Asia, and Canada, while doubling its fixed income business, and in 2022 introduced a suite of ETFs that surpassed $6.5B in AUM in just under 11 months.
Rob Lovelace, who will continue with Capital Group as a portfolio manager, said, “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.”