New Capital CEO Partners With Samsung Asset Management
In 2015, Tim Armour was elected the chairman of the Capital Group to replace the late Jim Rothenberg who died at the age of 69 from a sudden heart attack while he was on vacation with his family. Janet Yang, who is a CFA at Morning Star Financial Services, agrees with the Capital Group and thinks Tim Armour is the perfect person to replace Jim Rothenberg. She believes Armour is a good visionary who can tell what the needs and demands of the business world not only need at the moment but will need in the future. He was 54 years old and was serving as chairman of the company’s management committee when he was informed of Rothenberg’s death.
Timothy Armour has been with Capital Group for 33 years, unlike many company leaders who have worked in plenty of different companies before chairing a company. He started working for Capital Group as a part of The Associates Program. From there, he worked his way up the ladder to chairman and CEO in 2015.
Armour earned his bachelor’s degree in economics from Middlebury College, located in Middlebury, Vermont. He currently lives in Los Angeles, California.
As Director and Principal Executive Office at Capital Research and Management Company who serves as an Equity Portfolio Manager, Timothy Armour advises investors that they need to find active managers who want to earn their keep. He cites as an example, Blockbusters Movie Rental Company. At the time Blockbusters’ stock value was worth $5 million, Netflix online movie and television video rentals were beginning to take public notice. The only thing the two companies had in common was they rented movies. Because of the popularity of online rentals, Blockbusters went bankrupt in 2011, and Netflix’s stock soared to $45 billion. When Netflix arrived in 1997, Blockbusters didn’t bother checking out this new video rental company and apply winning strategies. By the time Blockbusters noticed, it became too late and their attempt at online video rentals failed.
Not long after Tim Armour took over as CEO of Capital Group, he began working on a deal with Samsung Asset Management in Korea to become a partnership. The partnership wanted to create better investment strategies for retail investors. This partnership is supposed to help investors have better retirement solutions. A spokesperson for Samsung Assets believes its partnership will make Samsung one of Asia’s top three management companies by 2020.