The company has been in a literal perpetual layoff cycle. A perfect record for outflows, constant executive turnover. Demolishing 2 of your newest buildings. Yet somehow giving himself a MASSIVE raise all while ruining people’s lives none stop! These people must be held accountable at some point. Hopefully karma can help but it surely doesn’t seem like it will.
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What is with all this ETF talk
What exactly do people expect him to do? Reposition the firm to offer passive index ETFs which you can already invest in at Fidelity/Vanguard with essentially zero management fee? Blow through cash and start adding debt to the balance sheet so people can feel safe at their jobs for a few years before the wheels come off?
The mutual fund is dying and he has to the navigate the growth areas of the firm (RPS, Private Equity/ Credit, ETFs) through the demise. Throw in the rise of AI and there's a lot of headcount on the chopping block. Whether the lean company that comes out of this has enough scale to stay independent is a whole other issue. The old conservative, cushy, TRP is gone. Everyone needs to make peace with that.
@OP Well you know what they say about karma. They will get what they deserve just give it time.
Ruining peoples lives.
@j3 You are a pretty long way off the mark here. Not sure he was asked to halve the company's value...
The hard truth is that rob sharp has done a great job at exactly what he’s been asked to do: dismantle the company and eventually sell it for parts. Why else would he gotten such a big pay raise? Management gave up on us a long time and just cutting their losses at our expense
Have you considered collective bargaining?
The press is all over it
https://www.thebanner.com/economy/t-rowe-price-layoffs-baltimore-JAQJOZKYF5BJFCPRZ6MAR4QAOY/
@OP Yes, Sharps has been a disaster. But the company itself is just obsolete. It's a giant seller of old-fashioned actively managed '40 Act funds, still predominately equity, still overwhelmingly to U.S. based investors -- in a market that doesn't want those things any more.
And all the efforts to diversify -- international growth, active ETFs, the OHA acquisition -- have been failures, or, at best, too little too late.
It should be sold, and probably will be. Then Sharps & Co. can take their golden parachutes and go mess up something else.