It wasn’t that long ago that Capital Group was one of the biggest equity firms in the country. The company was founded nearly 100 years ago and has amassed invaluable experience. In 2015, the company suffered a major loss. Its former Chairman, Jim Rothenberg, passed away from a heart attack while on vacation. His death came as a shock to the entire company and its associates. Like all companies, Capital lost its charisma during its period of mourning.
Many of its clients and partners are use to a quality performance given by certain major players. When one of those players dies or leaves the company, it difficult for the company to ensure its clients that it can still provide the same quality performance. After James Rothenberg’s tragic death, what was Capital Group to do?
Promote from within a candidate that everyone could trust. That candidate turned out to be Timothy Armour. Armour was the clear option based solely on his work experience. Unlike other candidates, Armour wasn’t related to any highly respected family friends, and he hadn’t come from another respected company. Tim Armour was an average guy that started working for Capital straight out of college, and he’s been there ever since.
Tim Armour has spent his entire 30-plus-year career at Capital. He started out as a participant in Capital Group’s Associates Program. When he got to join the company, Tim Armour started out as an equity investment analyst. It was his job to oversee U.S. service companies and global telecommunications. He would spend the next thirty years climbing Capital’s corporate ladder. Eventually, Tim Armour became an executive on Capital’s Management Committee. As an executive, he worked closely with Rothenberg on several projects. When Rothenberg, Armour was one of the company staff members most affected.
Even though Armour was saddened by the loss, he accepted his new responsibilities graciously. He’s excited to combine his experience with the lessons learned from Rothenberg. He’s looking forward to continuing Capital Group’s 84-year legacy. He has already given some clues about the future of the company’s business, showing concern over China’s slowing economic growth.