Investment manager Capital Group taps insider as CEO

Jan 26 (Reuters) - Capital Group said on Thursday it had appointed Mike Gitlin, head of fixed income at the investment management company, as its chief executive officer.

Gitlin will replace Tim Armour, who is set to leave the helm after more than four decades at the company.

Capital Group also said Martin Romo would become chairman and chief investment officer, while Jody Jonsson will take on the role of vice chair.

All appointments will take effect in October.

One of the world's largest investment management companies, Capital Group had $2.2 trillion in assets under management as of end-2022.

The company divides portfolios into different segments, each run by an individual manager who in many cases personally invests in the portfolios they manage.

The appointments come after a tough year for asset and investment management firms as the U.S. Federal Reserve's aggressive monetary tightening campaign roiled stock markets. (Reporting by Anirban Chakroborti in Bengaluru; Editing by Devika Syamnath)