Fidelity Investments is looking at potential candidates to succeed its No. 2 executive, Rodger Lawson, the Wall Street Journal reports.
A departure by Lawson, who reports to Fidelity Chairman and CEO Edward "Ned" Johnson, would add to other recent high-level exits at the company, which is controlled by Johnson's family. Lawson was named president in August 2007, and was expected to stay for three to five years, the Journal reports.
A long-time acquaintance of Lawson said the Fidelity president recently told him he would like to leave between now and the end of the year. This person said Lawson wants to wait until the Johnson family has a successor lined up, according to the newspaper.
Anne Crowley, a Fidelity spokeswoman, told the Journal she doesn't "envision that Rodger is leaving any time soon" and he "is not about to be fired."It's unclear why Lawson might be leaving earlier than originally expected. Johnson has been grooming his daughter Abigail, who currently runs Fidelity's personal-investing operations, to succeed him as chairman, the Journal notes. Fidelity is the leading mutual fund company, with assets of $1.2 trillion.