The independent trustees of
Beginning Jan. 1, Gates will be replacing Marvin L. Mann, who recently turned 72, the legal retirement age, as per Fidelity spokeswoman Anne Crowley. If the
"At this point, our view is that independent trustees have complete control of the agenda of our meetings, so we have not felt we have had to address the issue," Gates said.
If the rule does in fact come into effect, it will be a whole other ballgame. Max Rottersman, president of
"Once they get the power where they start to think they represent society, it's a different set of rules," he said.
The succession was approved on Dec. 15.