From the pinnacles of power by Fortune editor at large Patricia Sellers
Type Size  -  +
June 13, 2008, 5:00 pm

Power Shift: Fidelity execs move on

Fidelity's Abby Johnson

I see that Bob Reynolds, who quit Fidelity Investments last year knowing he would never inherit the CEO post from patriarch Ned Johnson, has landed at rival Putnam Investments as CEO. Good for Reynolds, but tough job ahead since Putnam is fighting fund redemptions and client defections.

Another former top exec at Fidelity who left, similarly frustrated, is Ellyn McColgan. Morgan Stanley (MS) CEO John Mack scooped her up and lured her from Boston to New York. McColgan is now president and COO of Morgan’s Global Wealth Management Group. She’s commandeering a workforce of 16,500.

Big gigs, both of them. Meanwhile at Fidelity, questions linger about whether Abby Johnson (right) will eventually take over from her father. The investment giant has kept the top job in the family ever since Ned’s father founded the firm 62 years ago. Abby, 46, has expanded her reach at Fidelity since I wrote a story last August about the company’s management churn and her apparent bout with cancer. She’s now running Fidelity’s largest division, Personal and Workplace Management.

Queried about Abby’s condition today, Fidelity spokesperson Anne Crowley says, “Abby is in good health and is vigorously pursuing her job daily.” Though she is extremely private and rarely seen around Boston, Ned’s billionaire daughter spoke to 150 people at a Fidelity conference for clients earlier this week, Crowley says. And this past spring, Abby appeared at client events in Nashville and Orlando.

P.S. Who do you think is likely to head Fidelity after Ned Johnson?

When robert pozen was running fidelity, employee and executive turnover was very low. Aditionally fund performance was very good. After he was forced out by neds daughter, executive turnover skyrocked andfund performance declined. Mr. pozen now runs MFS. funds

Posted By Jack hall Lancaster,pa : June 15, 2008 6:41 pm
CNNMoney.com Comment Policy: CNNMoney.com encourages you to add a comment to this discussion. You may not post any unlawful, threatening, libelous, defamatory, obscene, pornographic or other material that would violate the law. Please note that CNNMoney.com may edit comments for clarity or to keep out questionable or off-topic material. All comments should be relevant to the post and remain respectful of other authors and commenters. By submitting your comment, you hereby give CNNMoney.com the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying information via all forms of media now known or hereafter devised, worldwide, in perpetuity. CNNMoney.com Privacy Statement.
Esther Wojcicki Esther Wojcicki: The last newspaper generation
Journalism teacher and newspaper adviser at Palo Alto High School
John Wood John Wood: Andrew Carnegie, version 2.0
Founder & Executive Chariman of Room to Read
Doreen Lorenz Doreen Lorenzo: How to innovate in turbulent times
President, frog design
Powerful women's predictionsGoogle's Marissa Mayer, Goldman Sachs' Dina Powell and analyst Meredith Whitney share their industry outlooks. Watch
Ballmer: Economy has resetMicrosoft CEO says we're not in a recession -- rather, a "reset" and will grow from a lower level. Watch
Pattie SellersPatricia Sellers has written some of Fortune's most talked-about cover stories, including "Can Meg Whitman Save California?", Melinda Gates ("The $100 Billion Woman"), "MySpace Cowboys," Martha Stewart ("I cannot be destroyed"), Ted Turner ("Gone with the Wind") and Oprah Winfrey ("Oprah Inc."). And she has broken ground with insightful pieces on career management issues such as ego ("Get Over Yourself!"), and "Charisma: Do You Need It? Can You Get It?" Pattie chairs the annual Fortune Most Powerful Women Summit, the preeminent gathering of women leaders in business, philanthropy, government, academia, and the arts. And she has helped oversee Fortune's "Most Powerful Women in Business" cover package since its launch in 1998. She started at Fortune in 1984, covering the big consumer brand companies.
Subscribe to Postcards: RSS feed | email newsletter

Jessica ShamboraJessica Shambora started with Fortune as a reporter in June of 2008, following a stint as assistant editor at Travel+Leisure Golf. Shambora has written for Sports Illustrated, SI Latino, Women's Health, and Triathlete. She is a frequent contributor to Postcards.
Every year Fortune and the U.S. State Department sponsor the Global Women Leaders Mentoring Partnership, which brings rising-star women from developing countries to the U.S. to work closely with participants of the annual Fortune Most Powerful Women Summit - among them CEOs Andrea Jung of Avon, Ann Moore of Time Inc., and Anne Mulcahy of Xerox.
* : Time reflects local markets trading time.† - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges.• Disclaimer
Powered by WordPress.com.