Jim Reipe may not need a new office for his retirement years. T. Rowe Price
said this week that it has tapped its former vice chairman as consultant.
The announcement came in a
with the SEC.
Riepe, who stepped down from the post at the end of 2005, remains a director and chairman of 57 mutual funds organized and advised by the Baltimore-based firm’s subsidiaries.
The company said it had entered into a consulting agreement with Riepe on January 31, under which he will provide strategic and consulting services up to eight weeks of full-time days each year.
The agreement is effective retroactive to January 1 and renews on January 1 of each year. After April 30, 2006, however, either of the parties can terminate the contract for any reason.
T. Rowe Price said it will pay Riepe $116,667 for the period ending April 30, $66,667 fro the period from May 1 through December 31 and $100,000 annually for subsequent years plus reimbursement for reasonable out-of-pocket expenses.
Riepe will relinquish his roles with the mutual funds at the company’s 2006 annual stockholder’s meeting.
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