Capital Group announces start of long-planned leadership transition

Capital Group Management Committee changes to be effective in October

LOS ANGELES, Jan. 26, 2023 /PRNewswire/ -- Capital Group, one of the world's largest and most experienced active investment managers, today announced its board of directors has approved the election of leaders to new roles that will assume the management responsibilities of Tim Armour, Chairman and CEO and Rob Lovelace, Vice-Chair and President. Armour and Lovelace will both step down from Capital Group's management committee in October of this year.

The Board of Directors has elected current Capital Group management committee members to the following new senior roles:

Mike Gitlin will become President and Chief Executive Officer (CEO) of Capital Group and Chair of Capital Group's management committee. Drawing on his strong experience in the investment, operating, and client-facing groups, he will work with other leaders to execute on Capital's strategy and growth plans. 

Martin Romo will become Chairman of Capital Group and Chief Investment Officer (CIO). As CIO, Martin will focus on ensuring that The Capital System™, Capital's investment process, continues to operate at the highest level. As Chair of Capital Group, he will partner with the other leaders in all aspects of Capital's strategic goals, culture, and people.

Jody Jonsson will become Vice Chair of Capital Group and will continue as President of Capital Research Management Company (CRMC) and Chair of the CRMC Executive Committee. As with Martin and Mike, Jody's experience spans the breadth of Capital, and she will help develop and drive strategic vision and execution.

All transitions will be effective as of October 24, 2023.

The new senior leaders will work with other members of Capital Group's management committee to deliver on the firm's existing long-term strategy. The Capital Group management committee sets, communicates, and implements Capital's global business strategies, while protecting and promoting its unique culture. The changes announced today reflect a leadership succession plan that has been in motion for many years.

Tim Armour noted, "Throughout our over 90-year history, continuity and consistency have been a hallmark of how we manage assets for clients, and formal succession planning is critical to delivering superior, long-term investment results for them."

Armour will retire at the end of 2023 after a 40-year career with Capital.

"I started at Capital right out of college, as many here do," added Armour. "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."

Capital Group has a long history of being a low-cost active manager pursuing superior returns for investors over the long term. In recent years, Capital has significantly grown its presence in Europe, Asia, and Canada, while doubling its fixed income business, and in 2022 introduced a suite of ETFs that surpassed $6.5B in AUM in just under 11 months.

Rob Lovelace, who will continue with Capital Group as a portfolio manager, said, "Over the decades, Capital Group has thoughtfully grown to ensure the business is healthy and built for the long term. 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."

BIOS

Timothy D. Armour is Chair and Chief Executive Officer of Capital Group. Over his 40-year career, Tim has been dedicated to Capital's mission of improving people's lives through successful investing, a mission shared by more than 9,000 associates around the globe. He and the other members of the Capital Group Management Committee focus on the company's strategic priorities, including growing the business to serve more clients globally, delivering strong investment results, leveraging data and technology to create competitive advantages and building a diverse organization and inclusive environment.  

Tim joined Capital Group after graduating from Middlebury College with a bachelor's degree in economics. He began as a participant in The Associates Program, a two-year training program. Over his career, he has been an equity investment analyst researching global telecommunications companies and an equity portfolio manager, currently for The New Economy Fund. He has held several leadership roles at the company. 

Tim serves on a variety of boards aligned with his personal and philanthropic interests, including the Pacific Region Board of the Boys and Girls Club of America and the Board of Councilors for the University of Southern California Marshall School of Business. Tim is based in Los Angeles. 

Robert W. Lovelace is Vice Chair and President of Capital Group. As chair of the Capital Group Management Committee, Rob focuses on strategic business priorities, including growing the business to serve more clients globally, delivering superior investment results, integrating environmental, social and governance (ESG) issues into our investment approach, creating a diverse organization and inclusive environment, and fostering a strong culture.  

Rob has 37 years of investment experience, all with Capital Group. He graduated from Princeton University with a bachelor's degree in mineral economics (geology), graduating summa cum laude and Phi Beta Kappa, and began his career as an equity investment analyst covering global mining & metals companies, as well as companies domiciled in Mexico and the Philippines.

He is currently an equity portfolio manager for New World Fund, as well as co-president and lead principal investment officer for New Perspective Fund. He is a member of the Capital Research and Management Company Executive Committee, Capital's Board Governance & Nominating Committee, ESG Oversight Committee, Social Responsibility Committee and Strategic Product Development Group. He also holds the Chartered Financial Analyst® designation. 

Rob serves on the boards of directors of several philanthropic and educational institutions. He is a trustee of the J. Paul Getty Trust, director and co-chair of the Pacific Council on International Policy, a director of the California Community Foundation and the U.S. Olympic & Paralympic Foundation and a member of the U.S. Soccer Federation's Champions Circle. Rob is based in Los Angeles. 

Michael C. Gitlin is Head of Fixed Income at Capital Group. Mike serves on the Capital Group Management Committee and chairs the Fixed Income Management Committee and Finance Committee. 

Over his eight years with Capital Group, Mike has helped Capital become one of the largest active fixed income managers globally, with approximately $450 billion in assets and 50 years of experience in fixed income markets. Mike also oversees global trading and focuses on growing Capital's business to serve more clients across Europe and Asia. He has been a key driver of serving clients around the world with the right investment services in an expanded set of investment vehicles.  

Mike holds a bachelor's degree from Colgate University and has 29 years of investment industry experience. Prior to joining Capital, he was head of fixed income at T. Rowe Price, and earlier its global head of trading. Before that, he was head of U.S. equity sales for Citigroup Global Markets, where he also served as head of Asia-Pacific sales trading, head of Asia-Pacific cash equities and head of international cash equities. He also served as head of Asia-Pacific trading for Credit Suisse Asset Management and traded Japanese equities and bonds for George Weiss and Associates.  

Mike works passionately to support veterans. He is heavily involved with Catch A Lift Fund, which enables post-9/11 combat-injured veterans to recover and rehabilitate, both physically and mentally, through physical fitness, motivation and support. He has lived and worked in London, Hong Kong, Singapore, Baltimore, Connecticut and New York. Mike is based in Los Angeles. 

Martin Romo is an equity portfolio manager at Capital Group Martin manages portfolios in The Growth Fund of America and The Investment Company of America, for which he is also principal investment officer. 

As a member of the Capital Group Management Committee, Martin focuses on investment group and fund governance, delivering superior investment results, building competitive advantages with data and technology, and creating a diverse organization and inclusive environment. He is also president of Capital Research Company, chair of the Investment Group Oversight Committee and a member of the Diversity, Equity and Inclusion Steering Committee and Technology Oversight Committee.  

Martin has 31 years of investment experience, all with Capital Group. He began his Capital career as an equity investment analyst covering the global chemicals industry, mortgage and consumer financials, and select conglomerate companies. He earned a bachelor's degree in architecture from the University of California, Berkeley, and an MBA from Stanford Graduate School of Business.  

Martin also serves on the board of The BASIC Fund, which supports students in the Bay Area, and on the Jamestown Community Council, which supports San Francisco youth and their families. He is based in San Francisco. 

Joanna F. Jonsson (Jody) is an equity portfolio manager at Capital Group. Jody manages portfolios in The Growth Fund of America and New Perspective Fund, for which she is also principal investment officer.   

As a member of the Capital Group Management Committee, Jody focuses primarily on investment group and fund governance, enhancement of The Capital System, client relations and external affairs. Having worked in Geneva and London to grow Capital's business outside the United States, Jody brings experience leveraging competitive advantages and global scale to serve investors worldwide. She takes a keen interest in Capital's culture and enjoys connecting with associates in different regions and parts of the business. Jody is also president of Capital Research and Management Company.  

Jody has 34 years of investment experience and has been with Capital Group for 32 years. She began her Capital career as an equity investment analyst covering insurance, household products & personal care, restaurants & lodging and cruise lines. She earned a bachelor's degree in economics from Princeton University, graduating cum laude, and an MBA from Stanford Graduate School of Business, where she was an Arjay Miller Scholar.

Before joining Capital Group, she was an equity research analyst at Fidelity Management & Research Company in Boston and an officer of Irving Trust Company in New York.  

As member of the Investment Company Institute (ICI) Executive Committee and Board of Governors, Jody has an industry perspective on issues such as ESG, regulation, antitrust and competitive trends. She serves on several boards, including the Stanford Graduate School of Business, the American Enterprise Institute and Alpha USA, and volunteers as a private pilot with Angel Flight West. Jody is based in Los Angeles. 

Capital Group, home of American Funds, has been singularly focused on delivering superior results for long-term investors using high-conviction portfolios, rigorous research, and individual accountability since 1931.

As of December 31, 2022, Capital Group manages approximately $2.2 trillion in equity and fixed-income assets for millions of individuals and institutional investors around the world. Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed-income investment professionals provide fixed-income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.

For more information, visit capitalgroup.com.

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