T. Rowe Price hires ex-auditor Moreland as its CFO

February 18, 2004|By Paul Adams | Paul Adams,SUN STAFF

Baltimore mutual fund company T. Rowe Price Group Inc. has hired one of its former outside auditors to be its chief financial officer, ending a search that began in November, when Cristina Wasiak resigned the position.

The company said Kenneth V. Moreland, 47, chief financial officer of the Baltimore-based architectural company RTKL Associates Inc., will take over the post next month.

Before joining RTKL in 1996, Moreland spent five years as a partner with the accounting firm Coopers & Lybrand, which audited about 60 percent of T. Rowe Price's mutual funds during that period. Moreland continued to have personal ties with Price officials after leaving Coopers & Lybrand.

"I understand a lot about the industry and the core components of their business, which is money management, and I have a pretty good understanding of the people inside the organization," said Moreland, who was first approached by T. Rowe Price in December.

Much of Moreland's business as an auditor was with financial services firms throughout the Mid-Atlantic region. He also completed a two-year accounting fellowship with the Securities and Exchange Commission, which regulates the mutual fund industry.

George Roche, T. Rowe Price's chairman and president, noted Moreland's former ties to the company.

"Ken is a good match for the firm and the role," he said.

Roche, who was chief financial officer before being named president, temporarily resumed that role after Wasiak resigned. The company gave no explanation for Wasiak's resignation in November, saying in an SEC filing that she had been "reassigned."

T. Rowe Price, which earned $227 million last year, manages $190 billion in assets. Its shares rose 54 cents to $52.90 yesterday.

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