Fidelity Investments has appointed William C. Carey president of Fidelity Institutional Retirement Services Co., the nation's largest 401(k) plan provider.

Carey has been with Fidelity for 10 years and is succeeding Joseph P. LoRusso, who was named president of Fidelity Investments Institutional Services Co. last year. Carey was the executive vice president of the institutional retirement company's emerging corporate market group. Carey reports to Peter J. Smail, president of Fidelity Employer Services Co., which provides retirement and human resources and benefits outsourcing services.

Carey has held a series of sales and management positions at Fidelity and in 2000 was appointed executive vice president, responsible for leading Fidelity's emerging corporate market business, which focuses on 401(k)s for smaller companies.

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