Robert L. Reynolds, Fidelity Investments vice chairman and COO, will retire. After 23 years at Fidelity, it was time for some new experiences, Mr. Reynolds said in a news release. No exact retirement date was announced. His positions wont be filled, spokeswoman Anne Crowley said. Instead, John J. Remondi, senior vice president and managing director of Fidelity parent FMR Corp., was named interim chief administrative officer. He 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. The company plans to search for a permanent chief administrative officer.
Also, Ellyn A. McColgan was promoted to president, distribution and operations, at Fidelity, a new position created as part of a broad realignment of the firms distribution, operations and administrative functions, said Ms. Crowley. CEO Edward C. Johnson III will be taking a very active role in executing the realignment, Ms. Crowley said.
Ms. McColgan was president of Fidelity Brokerage and will continue to oversee that business after her replacement as president is named. She will also oversee other distribution and operations arms, including Fidelity Investments Institutional Services, Fidelity Investments Life Insurance and Fidelity Enterprise Operations. Ms. McColgan will share distribution leadership with Abigail P. Johnson, who will remain president of Fidelity Employer Services, Ms. Crowley said.