Fidelity Investments Restructures as Outsider to Run Unit

Tuesday, 11 May 2010 08:08 AM

 

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Fidelity Investments is restructuring, creating two organizations to run its far-flung financial services operations.

The privately held Boston company said Monday that a longtime Fidelity executive, Abigail Johnson, will oversee Fidelity's financial products distribution. To run its asset management and corporate services businesses, Fidelity is going outside the company, hiring Ronald O'Hanley, president and CEO of BNY Mellon Asset Management. O'Hanley's responsibilities will include Fidelity's core mutual fund operations.

There's no indication what the restructuring means for the tenure of Edward C. "Ned" Johnson III, who remains Fidelity's chairman and CEO at age 79. He is Abigail Johnson's father, and has been running the 37,000-employee company for more than three decades.

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