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Article: Fidelity's succession issues puzzle pros.(Editorials)
- Article from:
- Investment News
- Article date:
- August 20, 2007
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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What's with Fidelity? Is it too big to be managed by any one person? Or is Edward C. "Ned'' Johnson - founder, chairman and chief executive of the company - one of those cranky old entrepreneurs who can't let go of control and can't decide who should replace him?
Fidelity Investments and its parent, FMR Corp. of Boston, have had revolving doors at the top in recent years. When Abigail Johnson was named president of FMR in 2001, she was considered heir apparent to her father at Fidelity. She was replaced in 2005 by Robert L. Reynolds, a longtime Fidelity executive, who was given the title of vice chairman and chief operating officer, and observers thought he would ...