JULY 28, 2015
The board of directors of Capital Group, the home of American Funds and one of the world’s leading investment management firms, today announced the election of Tim Armour as chairman of Capital Group. Tim is currently chairman of Capital Group’s management committee and Capital Research and Management CompanySM.
Tim, together with the other senior members of the firm’s management committee — Rob Lovelace, president, Capital Research and Management Company; and Phil de Toledo, president, Capital Group — will continue to work with the other members of the committee to set, communicate and implement Capital’s overall business strategies, as well as oversee operations. The change reflects a leadership succession plan that has been in motion for several years, and was formalized after the passing of former chairman, Jim Rothenberg.
Tim said, “All of us here at Capital deeply mourn the loss of our friend and colleague, Jim. He was a purposeful leader, who possessed a talent for taking decisive action in the best long-term interests of our clients, investors and associates.
“Throughout its history, the true strength of Capital Group lies not in an individual but in the collective talents of all our associates who are aligned behind our mission to deliver superior, long-term investment results to our investors and clients. Our management committee and our 7,600 associates look forward to continuing our 84-year legacy of delivering on our commitments to investors and the advisors who serve them.”