T. Rowe Price Group, Inc. (NASDAQ: TROW) announced that Richard R. Verma, the former U.S. Ambassador to India and current Deputy Secretary of State for Management and Resources, has been appointed as an independent director to its board. Verma’s addition brings a blend of diplomatic, legal, and policy expertise to one of America’s leading global investment management firms.
Verma’s appointment underscores a growing recognition that large financial institutions benefit from global policy experience and cultural fluency-skills that have defined his career. As one of the most visible Indian Americans in U.S. public service, Verma’s leadership at the intersection of government, business, and diplomacy has earned him respect in Washington and beyond. His entry into corporate governance marks another significant milestone for South Asian American representation in the upper echelons of American business.
From diplomacy to boardroom
Richard Verma served as U.S. Ambassador to India from 2014 to 2017, becoming one of the most consequential envoys in the modern U.S.-India relationship. During his tenure, he helped strengthen strategic, economic, and cultural ties between the two democracies. Verma’s leadership coincided with a period of record defense cooperation, clean energy partnerships, and expanded educational exchanges.
After his diplomatic service, Verma transitioned into the private sector as Executive Vice President for Global Public Policy and Regulatory Affairs at Mastercard, where he helped shape corporate engagement with governments worldwide. His ability to navigate regulatory environments and advocate for equitable global growth positioned him as a natural bridge between business strategy and public interest.
In April 2023, he was confirmed by the U.S. Senate as Deputy Secretary of State for Management and Resources, the department’s third-ranking official. In that capacity, he oversees budget, operations, and modernization for America’s global diplomatic corps.
Why his appointment matters now
Rowe Price-founded in 1937 and managing over $1.5 trillion in assets-has long been recognized for its emphasis on fiduciary responsibility and long-term stewardship. Verma’s appointment arrives as the firm continues to expand its international investment reach and strengthen its global ESG and governance practices.
By bringing in a former diplomat and policy strategist, the company signals its commitment to navigating global complexity with insight and integrity. For Verma, whose career has balanced private enterprise, government service, and nonprofit leadership, the move reflects an expanding trend: leaders with multifaceted global backgrounds are increasingly shaping the direction of major American corporations.
A broader milestone for South Asian Americans
Verma’s appointment adds to the growing list of Indian American leaders who have transitioned from public service into corporate boardrooms, reflecting both the maturity and influence of the diaspora. His unique blend of experience-law, foreign policy, business regulation, and public diplomacy-offers a template for cross-sector leadership at a time when global financial institutions are expected to engage more thoughtfully with social and political issues.
He joins a distinguished set of South Asian Americans who hold senior roles across finance, energy, and technology, further illustrating the community’s expanding footprint in corporate America. For younger South Asian professionals, his trajectory-from the son of Indian immigrants in Pennsylvania to ambassador, policymaker, and now corporate director-embodies the evolving definition of the American dream.
A record of trust and integrity
Throughout his career, Verma has been known for consensus-building and quiet effectiveness. At Mastercard, colleagues noted his ability to bring regulatory clarity to emerging markets; at the State Department, he was recognized for modernizing management systems; and during his ambassadorship, he championed the U.S.-India Strategic and Commercial Dialogue. His track record makes him a strong fit for T. Rowe Price, a company consistently ranked among America’s most admired firms for corporate governance and ethical leadership.
As financial markets face geopolitical uncertainty, Verma’s global perspective and diplomatic temperament are expected to help guide T. Rowe Price’s long-term growth strategy and policy alignment.
Key Takeaways About Richard R. Verma
- Appointed Independent Director at T. Rowe Price Group on October 11, 2025.
- Former U.S. Ambassador to India (2014–2017) and current Deputy Secretary of State for Management and Resources.
- Brings decades of experience in diplomacy, law, and corporate governance.
- Strengthens T. Rowe Price’s global and policy-oriented leadership as it expands internationally.
- Represents continued growth of South Asian American leadership in U.S. business and finance.
