Exit Scrambles Fidelity Succession Picture

Mutual-fund giant loses possible heir apparent
By Dustin Lushing,  Newser Staff
Posted Aug 8, 2007 10:33 AM CDT
Exit Scrambles Fidelity Succession Picture
Fidelity Investments CEO Edward "Ned" Johnson III is shown Nov. 15, 2003, at a benefit ball in Boston. A management reshuffling Thursday, April 19, 2007, left Johnson still firmly in charge of the investment firm he has led for three decades, and gave no signs that he's about to turn over leadership...   (Associated Press)

A top Fidelity Investments exec has resigned her post, reigniting speculation about the closely held firm's line of succession, reports the Wall Street Journal. Ellyn McColgan, 53, who was president of a division of the largest American mutual-fund company, was seen as a front-runner in the race to succeed 77-year-old Ned Johnson.

The abrupt departure came soon after the hiring of marketing guru Rodger Lawson, who was brought in over McColgan's head. "She had to pay a toll through Lawson to get to Ned—a toll she never had to pay before," says the editor of an independent Fidelity newsletter. The only other acknowledged possible heir apparent is Johnson's daughter, Abigail. (More business stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X