The Boston-based investment company also announced an executive appointment for its product and services distribution channel, according to a company news release .
The word from Vice Chairman and Chief Operating Officer Robert L. Reynolds that he would step down follows a Fidelity career that began in 1984 and included a stint as president of Fidelity Investments Institutional Retirement Group (now FESCo), before assuming his current position in June 2000.
“After 23 years at Fidelity – and the past seven as Chief Operating Officer – I feel it’s time for some new experiences,” Reynolds asserted in the news release. “Therefore, I’ve decided to take the opportunity that change always affords to stop and reassess my next 23 years. Like so many other American Baby Boomers, I’m contemplating the exciting challenges and opportunities that lie ahead of me. I’m not certain at this time where my many varied interests will lead me, but I’ll always look back fondly on my Fidelity career.”
Chairman and Chief Executive Officer Edward Johnson had kind words for the departing executive. “Bob Reynolds has made tremendous contributions to Fidelity during his extensive career here,” said Johnson, in the news release. “We thank Bob for his great efforts on Fidelity’s behalf, and of course wish him all the best in the future.”
Also Thursday, Fidelity announced that Ellyn A. McColgan has been named president, Distribution and Operations. In this role, McColgan will oversee distribution of the company’s products and services sold to individual investors and through third-party intermediaries – as well as a group of the firm’s other operations, according to the news release.
McColgan, now president of Fidelity Brokerage Company (FBC) will oversee a number of Fidelity’s other distribution and operations functions, including Fidelity Investments Institutional Services Company (FIIS), under the leadership of Joseph P. LoRusso; Fidelity Investments Life Insurance Company (FILI), under the leadership of Jon J. Skillman; and Fidelity Enterprise Operations, under the leadership of Raymond J. Marcinowski, Fidelity said.
Sharing distribution leadership with McColgan is Johnson’s daughter Abigail who will continue in her role as president of Fidelity Employer Services Company (FESCo), which provides defined contribution and defined benefit retirement services, employer benefits and human resources administration, and payroll services to more than 20 million American employees and retirees (See Abigail Johnson Moves to FESCO in Sweeping Fidelity Reorganization ).
Finally, Fidelity said that John J. Remondi has been named interim chief administrative officer and will oversee functions such as Human Resources, Finance and Enterprise Services, which includes Legal, Risk and Compliance, Corporate Affairs, Real Estate, Regional Management, Public Policy and Government Relations.