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Thursday, January 26, 2023

Armour and Lovelace Prepare to Pass the Reins

Reported by Neil Anderson, Managing Editor

The two top leaders of a $2.2-trillion-AUM (as of December 31), privately held asset manager are preparing to pass the reins to a new triumvirate later this year.

Timothy D. "Tim" Armour
Capital Group
Chairman, CEO
Today, Tim Armour, chairman and CEO of Capital Group [profile] (home of the American Funds), and Rob Lovelace, vice chair and president, confirm that they will step back from their leadership positions in the fall, making way for the rise of three other leaders. Mike Gitlin, chair of the fixed income management committee, will take over as president and CEO. Martin Romo, president of Capital Research Company, Inc., will become chairman and chief investment officer of Cap Group. And Jody Jonsson will take over as vice chair of Cap Group while remaining president of Capital Research and Management Company.

Robert W. "Rob" Lovelace
Capital Group
Vice Chair, President
The handoffs are scheduled for October 24. Lovelace, grandson of Cap Group's founder, is expected to stay on as a portfolio manager, while Armour is expected to retire at the end of the year.

News of the succession comes eight years after Armour took over as chairman as part of a new triumvirate.

"Over the decades, Capital Group has thoughtfully grown to ensure the business is healthy and built for the long term," Lovelace states. "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."

Michael C. "Mike" Gitlin
Capital Group
Chair of the Fixed Income Management Committee
"I started at Capital right out of college, as many here do," Armour states. "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," Armour adds.

Martin Romo
Capital Research Company, Inc.
Before joining Cap Group eight years ago, Gitlin led trading, then fixed income at T. Rowe Price. Earlier, he held trading and leadership roles at Citigroup Global Markets, Credit Suisse Asset Management, and George Weiss and Associates. He is an alumnus of Colgate University.

Romo (who is a principal investment officer for the Investment Company of America) joined Cap Group 31 years ago, working as an analyst before rising to portfolio manager and then joining the management team. He is an alumnus of Stanford's Graduate School of Business and of the University of California, Berkeley.

Joanna F. "Jody" Jonsson
Capital Research and Management Company
Jonsson (who is a principal investment officer of the New Perspective Fund) joined Cap Group 32 years ago, starting as an analyst before rising to PM and then joining the management team. She is an alumna of Stanford's Graduate School of Business and of Princeton University.

Armour joined Cap Group in 1983, rising from analyst to PM and senior leader. He is an alumnus of Middlebury College.

Lovelace (who is the lead principal investment officer for the New Perspective Fund) joined Cap Group 37 years ago, starting out as an analyst. He is an alumnus of Princeton. 

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