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Former Ambassador Richard Verma joins T. Rowe Price board
Verma and Gates Foundation’s Allan Golston have been named independent directors to the investment firm’s board.
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Pranavi Sharma - Thu, 16, Oct 2025
- 23:00 EDT
- 70
Former US diplomat Richard Verma. / Richard Verma
T. Rowe Price Group, Inc. has appointed Richard R. Verma, former U.S. Ambassador to India and current Mastercard executive, and Allan Golston, president of the U.S. Program at the Bill & Melinda Gates Foundation, as independent directors to its board.
Verma, the highest-ranking Indian American in the history of the U.S. State Department, currently serves as chief administrative officer at Mastercard. He previously held several senior positions in diplomacy and business, including U.S. Deputy Secretary of State for Management and Resources, and vice chairman of The Asia Group.
ALSO READ: Richard R. Verma rejoins Mastercard
Born to Indian immigrant parents in 1968, Verma served as U.S. Ambassador to India from 2015 to 2017 and is a veteran of the U.S. Air Force, where he served as a judge advocate. He earned degrees from Lehigh University, American University, and Georgetown University, where he also completed his doctorate in international relations.
Verma previously served on T. Rowe Price’s board from 2018 to 2023, stepping down after his appointment to the U.S. State Department. His return brings, as the firm noted, a “valuable global perspective” to the company’s leadership.
Rob Sharps, chair, chief executive officer, and president of T. Rowe Price Group, Inc. said : “Rich is returning to our Board after time in government and adds valuable global perspectives drawn from his broad experience in public policy, business, and international affairs. Their knowledge and insights will be instrumental in supporting our ongoing growth and success.”
Golston, who also joins the board as an independent director, leads the Gates Foundation’s U.S. Program, overseeing initiatives in education, health, and community development. He has held senior positions in the Foundation’s global health program and previously served in finance leadership roles at Swedish Health System and the University of Colorado Hospital.
Golston holds a bachelor’s degree in accounting from the University of Colorado and an MBA from Seattle University. He currently serves on the Board of Directors of Harley-Davidson and previously on the Stryker Corporation board.
T. Rowe Price, based in Baltimore, is a global investment management firm with over $1.6 trillion in assets under management as of mid-2025. The company said both appointments reflect its commitment to “strengthening board diversity and expanding expertise in global policy, finance, and innovation.”
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