Fidelity names Prudential executive to No. 2 position
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Fidelity Investments has named a Prudential Financial Inc. executive to its No. 2 position, reviving speculation about who eventually will succeed 77-year-old Chairman Edward Johnson to lead the world’s biggest mutual fund firm.
Monday’s appointment of 60-year-old Rodger Lawson, who was a Fidelity executive before joining Prudential, came after several prominent executives left Fidelity, giving the impression that Johnson’s daughter Abigail and another executive were the front-runners to succeed him.
Both women will now report to Lawson, who becomes the firm’s first president since 2000.
In April, Fidelity promoted Ellyn McColgan, head of its fast-growing brokerage business, to jointly run distribution and operations with Abigail Johnson, stoking speculation that one of the two would take the reins.
The fund family has been losing market share to such rivals as Los Angeles-based American Funds and Vanguard Group.
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