Former US ambassador to India Richard R. Verma has been appointed as an independent director on the board of T. Rowe Price Group, Inc. , expanding the board from 11 to 13 members. Verma, currently Chief Administrative Officer at Mastercard , previously served as US Deputy Secretary of State for Management and Resources and as US Ambassador to India (2014–2017). He joins the board alongside Allan Golston of the Bill & Melinda Gates Foundation, contributing experience in diplomacy, corporate leadership, and social development to the firm’s governance and strategic discussions.
The big picture
Headquartered in Baltimore and founded in 1937, T. Rowe Price manages over $1.6 trillion in assets and provides investment management , advisory, and retirement services globally. The board expansion reflects the company’s aim to incorporate expertise from diverse sectors, including international policy, corporate governance, and social impact.
Verma’s diplomatic and corporate background, combined with Golston’s experience in philanthropy and development, adds varied perspectives to the board. The appointments are in line with trends in the investment management industry, where boards increasingly seek members with cross-sector and international experience.
On 16 October 2025, T. Rowe Price announced the appointments of Richard Verma and Allan Golston as independent directors. Both meet NASDAQ and SEC independence requirements.
Verma currently serves as Chief Administrative Officer at Mastercard, where he has previously held roles including General Counsel and Head of Global Public Policy. He also served as US Deputy Secretary of State for Management and Resources and as US Ambassador to India from 2014 to 2017.
He previously served on T. Rowe Price’s board from 2018 to 2023, stepping down to return to government service. CEO Rob Sharps commented: “Rich is returning to our board after time in government and adds global perspectives drawn from his broad experience in public policy, business, and international affairs.”
Why it matters
Geopolitical perspective: Verma’s diplomatic experience allows him to provide insight on international policy considerations that can intersect with global investment decisions.
Economic and strategic perspective: His knowledge of emerging markets, particularly India, may inform board discussions regarding regulatory, market, and geopolitical factors affecting investment strategies.
Governance and diversity: Expanding the board introduces members with varied professional backgrounds, which may influence discussions around corporate governance, strategy, and social responsibility.
Key players and stakes
T. Rowe Price Group, Inc.: Global investment management firm listed on NASDAQ (TROW), managing over $1.6 trillion in assets.
Richard R. Verma: Diplomat, lawyer, and corporate executive with experience in public policy and international relations.
Allan Golston: President of the Gates Foundation’s US Program; brings experience in social development and philanthropic initiatives.
Mastercard: Verma’s current employer, where he leads corporate governance and global policy.
Historical context
Verma served as US Ambassador to India (2014–2017), a period marked by growing trade, defence cooperation, and strategic engagement between Washington and New Delhi.
After leaving diplomacy, he worked at The Asia Group as Vice Chairman and Partner, advising multinational firms on regulatory and political risks. He later joined Mastercard, gaining corporate governance and executive management experience.
Verma first joined T. Rowe Price’s board in 2018, serving until 2023 before stepping down to assume government duties. His reappointment reinstates prior experience and institutional knowledge to the board.
Educational and professional foundations
A US Air Force veteran who served as a Judge Advocate, Verma holds:
These qualifications highlight his expertise in law, governance, and international affairs, aligning with the board’s need for varied professional experience.
What’s next
T. Rowe Price has not disclosed immediate financial impacts from the appointments. Analysts note that the inclusion of Verma and Golston may inform board discussions on emerging markets, risk management, and governance practices.
In the months ahead, their expertise is expected to contribute to deliberations on corporate strategy, sustainability, and global investment considerations.
The big picture
Headquartered in Baltimore and founded in 1937, T. Rowe Price manages over $1.6 trillion in assets and provides investment management , advisory, and retirement services globally. The board expansion reflects the company’s aim to incorporate expertise from diverse sectors, including international policy, corporate governance, and social impact.
Verma’s diplomatic and corporate background, combined with Golston’s experience in philanthropy and development, adds varied perspectives to the board. The appointments are in line with trends in the investment management industry, where boards increasingly seek members with cross-sector and international experience.
On 16 October 2025, T. Rowe Price announced the appointments of Richard Verma and Allan Golston as independent directors. Both meet NASDAQ and SEC independence requirements.
Verma currently serves as Chief Administrative Officer at Mastercard, where he has previously held roles including General Counsel and Head of Global Public Policy. He also served as US Deputy Secretary of State for Management and Resources and as US Ambassador to India from 2014 to 2017.
He previously served on T. Rowe Price’s board from 2018 to 2023, stepping down to return to government service. CEO Rob Sharps commented: “Rich is returning to our board after time in government and adds global perspectives drawn from his broad experience in public policy, business, and international affairs.”
Why it matters
Geopolitical perspective: Verma’s diplomatic experience allows him to provide insight on international policy considerations that can intersect with global investment decisions.
Economic and strategic perspective: His knowledge of emerging markets, particularly India, may inform board discussions regarding regulatory, market, and geopolitical factors affecting investment strategies.
Governance and diversity: Expanding the board introduces members with varied professional backgrounds, which may influence discussions around corporate governance, strategy, and social responsibility.
Key players and stakes
T. Rowe Price Group, Inc.: Global investment management firm listed on NASDAQ (TROW), managing over $1.6 trillion in assets.
Richard R. Verma: Diplomat, lawyer, and corporate executive with experience in public policy and international relations.
Allan Golston: President of the Gates Foundation’s US Program; brings experience in social development and philanthropic initiatives.
Mastercard: Verma’s current employer, where he leads corporate governance and global policy.
Historical context
Verma served as US Ambassador to India (2014–2017), a period marked by growing trade, defence cooperation, and strategic engagement between Washington and New Delhi.
After leaving diplomacy, he worked at The Asia Group as Vice Chairman and Partner, advising multinational firms on regulatory and political risks. He later joined Mastercard, gaining corporate governance and executive management experience.
Verma first joined T. Rowe Price’s board in 2018, serving until 2023 before stepping down to assume government duties. His reappointment reinstates prior experience and institutional knowledge to the board.
Educational and professional foundations
A US Air Force veteran who served as a Judge Advocate, Verma holds:
- Doctorate in International Relations, Georgetown University
- LL.M. with distinction in International Law, Georgetown University Law Center
- Law degree, American University
- Bachelor of Science, Lehigh University
These qualifications highlight his expertise in law, governance, and international affairs, aligning with the board’s need for varied professional experience.
What’s next
T. Rowe Price has not disclosed immediate financial impacts from the appointments. Analysts note that the inclusion of Verma and Golston may inform board discussions on emerging markets, risk management, and governance practices.
In the months ahead, their expertise is expected to contribute to deliberations on corporate strategy, sustainability, and global investment considerations.
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