T. Rowe Price Group, one of the world’s largest fund managers with $1.62 trillion in assets, replaced its chief executive officer after just five years and named a company insider to take over the post.

President Rob Sharps will succeed Bill Stromberg, who plans to retire on Dec. 31 after 35 years at the company, according to a statement Thursday. Sharps will become chair of the management committee, join the company’s board and remain president.

A heavyweight in retirement savings, T. Rowe Price has largely focused on actively managed U.S. mutual funds at a time when index-tracking products like exchange-traded funds have increasingly attracted investors. Sharps will face the challenge of proving the company can still grow and adapt against that backdrop.

“Rob’s appointment as CEO is the culmination of a thoughtful and planned transition and is a testament to the confidence we have in him as a steward of our culture and the right leader to guide T. Rowe Price through its next chapter of growth,” Alan Wilson, lead independent director, said in the statement.

T. Rowe Price fell 4% to $198.85 at 9:35 a.m. in New York trading. The shares have gained 34% this year.

Sharps joined the company in 1997 as an equity analyst. He rose through the ranks and has helped oversee corporate strategy, client relationships and product development.

Along with promoting Sharps, Eric Veiel was named global head of equity and Josh Nelson was appointed head of U.S. equity.

Celine Dufetel, who has been chief operating officer, chief financial officer and treasurer, will leave at the end of the month for a leadership position with a fintech company, T. Rowe Price said.

Head of finance Jen Dardis will become CFO and treasurer and join the management committee. Dufetel’s COO responsibilities will transition on an interim basis to Robert Higginbotham, a member of the management committee. Dufetel will serve in an advisory role until Aug. 31.

More than half of the Baltimore-based company’s assets are held in U.S. mutual funds. The firm had about $865.8 billion under management in those products at the end of the second quarter, according to an earnings release Thursday.

T. Rowe Price reported net revenue rose 36% to about $1.9 billion in the three months ended June 30. Adjusted earnings per share came in at $3.31, beating analysts’ estimates of about $3.20. Investors withdrew a net $600 million from its funds in the period.

This article was provided by Bloomberg News.