T. Rowe Price Group, Inc. announced that Ted Wiese, head of Fixed Income, will step down from this role at the end of the year and retire from the company on May 1, 2019, after nearly 35 years of service with the firm. Andrew McCormick, head of the U.S. Taxable Bond team, portfolio manager of the US GNMA Bond Strategy, and co-portfolio manager of the Total Return Bond Strategy, will succeed Mr. Wiese as head of Fixed Income on January 1, 2019. At that time, Mr. McCormick will join the firm's Management Committee and become chair of the Fixed Income Steering Committee. He will report to Robert Sharps, head of Investments.