Baltimore, Maryland, USA: Richard R. Verma and Allan Golston of the Bill & Melinda Gates Foundation have been appointed as independent directors to the board of the investment management firm T. Rowe Price.
T. Rowe Price Group, Inc. confirmed that Verma, who previously served as U.S. Ambassador to India and now holds an executive role at Mastercard, along with Golston, president of the U.S. Program at the Gates Foundation, will join the company’s board in independent capacities.
Verma, recognised as the highest-ranking Indian American in the history of the U.S. State Department, currently functions as Mastercard’s chief administrative officer. His extensive career includes roles such as U.S. Deputy Secretary of State for Management and Resources and vice chairman of The Asia Group, blending both public service and corporate leadership.
Born in 1968 to Indian immigrant parents, Verma represented the United States as Ambassador to India from 2015 to 2017. He is also a U.S. Air Force veteran, having served as a judge advocate, and earned degrees from Lehigh University, American University, and Georgetown University, where he completed his doctorate in international relations.
Previously, Verma was a member of T. Rowe Price’s board between 2018 and 2023, stepping down to take on his government role. The firm noted that his return will contribute a “valuable global perspective” to its strategic leadership.
Rob Sharps, T. Rowe Price’s chair, CEO, and president, commented: “Rich rejoining our Board brings extensive insights from his experiences in government, international affairs, and business. Their expertise will play a critical role in supporting the firm’s continued growth and development.”
Joining as an independent director alongside Verma, Allan Golston oversees the Gates Foundation’s U.S. initiatives, focusing on education, health, and community programs. He has previously held senior roles in the Foundation’s global health division and worked in finance leadership positions 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 Harley-Davidson’s board of directors and has previously been on Stryker Corporation’s board.
Headquartered in Baltimore, Maryland, T. Rowe Price manages over $1.6 trillion in assets as of mid-2025. The company emphasised that both board appointments reflect its dedication to “enhancing diversity and broadening expertise in global policy, finance, and innovation.”
