BALTIMORE, Md. (Diya TV) — T. Rowe Price Group, Inc., a leading global asset management firm, has appointed Richard R. Verma, former U.S. Ambassador to India and current Mastercard executive, and Allan Golston, president of the U.S. Program at the Bill & Melinda Gates Foundation, as independent directors to its board.
The appointments reflect the company’s commitment to strengthening board diversity and expanding expertise in global policy, finance, and innovation. T. Rowe Price manages over $1.77 trillion in client assets, with nearly two-thirds related to retirement.
Verma, the highest-ranking Indian American in U.S. State Department history, brings extensive experience in diplomacy, business, and public policy. He previously served on T. Rowe Price’s board from 2018 until 2023, stepping down to serve as U.S. Deputy Secretary of State for Management and Resources.
Born to Indian immigrant parents in 1968, Verma has held several senior positions in both government and business. He served as U.S. Ambassador to India from 2015 to 2017 and currently works as chief administrative officer at Mastercard. His career also includes leadership roles as general counsel and head of global public policy at Mastercard and vice chairman at The Asia Group.
Verma is a U.S. Air Force veteran, serving on active duty as a judge advocate. He holds a doctorate in international relations from Georgetown University, a law degree from American University, and a master of Laws from Georgetown University Law Center. He earned his Bachelor of Science from Lehigh University.
Rob Sharps, chair, chief executive officer, and president of T. Rowe Price, said, “Rich is returning to our board after time in government and adds valuable global perspectives drawn from his broad experience in public policy, business, and international affairs. His knowledge and insights will be instrumental in supporting our ongoing growth and success.”
Golston joins T. Rowe Price’s board as an independent director, bringing decades of leadership experience in global health, education, and finance. He leads the Gates Foundation’s U.S. Program, overseeing initiatives aimed at improving education, health, and community development.
Before joining the Gates Foundation, Golston held senior roles in its global health program. He also served in finance leadership positions at Swedish Health System and the University of Colorado Hospital.
Golston earned a bachelor’s degree in accounting from the University of Colorado and an MBA from Seattle University. He currently serves on the board of Harley-Davidson and previously served on the Stryker Corporation board.
Sharps noted, “Allan brings a distinguished track record of leadership and expertise spanning the global health, education, and financial sectors. His insights, along with Rich’s experience, will guide T. Rowe Price as we continue to grow and deliver strong results for our clients.”
Verma and Golston’s appointments highlight T. Rowe Price’s focus on expanding board diversity and international expertise. Verma’s diplomatic background and experience in global business provide a unique perspective on international markets and policy. Meanwhile, Golston’s leadership in health, education, and finance complements the board’s existing expertise.
T. Rowe Price, headquartered in Baltimore, Maryland, is recognized as a trusted global investment firm. The company offers a wide range of investment solutions and is known for its retirement-focused asset management strategies.
