Fidelity Seeks Successor for Its No. 2: Report
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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV