Exit Scrambles Fidelity Succession Picture

Mutual-fund giant loses possible heir apparent
By Dustin Lushing,  Newser Staff
Posted Aug 8, 2007 10:33 AM CDT
Fidelity Investments CEO Edward "Ned" Johnson III is shown Nov. 15, 2003, at a benefit ball in Boston. A management reshuffling Thursday, April 19, 2007, left Johnson still firmly in charge of the investment...   (Associated Press)
camera-icon View 2 more images

(Newser) – A top Fidelity Investments exec has resigned her post, reigniting speculation about the closely held firm's line of succession, reports the Wall Street Journal. Ellyn McColgan, 53, who was president of a division of the largest American mutual-fund company, was seen as a front-runner in the race to succeed 77-year-old Ned Johnson.

The abrupt departure came soon after the hiring of marketing guru Rodger Lawson, who was brought in over McColgan's head. "She had to pay a toll through Lawson to get to Ned—a toll she never had to pay before," says the editor of an independent Fidelity newsletter. The only other acknowledged possible heir apparent is Johnson's daughter, Abigail.