Edward “Ned” Johnson, chairman of Fidelity Investments, will assume more responsibilities at the firm upon the retirement of Vice Chairman and Chief Operating Officer Robert Reynolds, the firm announced Thursday. Reynolds, 55, is leaving the firm after 23 years.

Along with Reynolds’ retirement, Fidelity is reorganizing its top management team, the third time it has done so in the past two years. Ellyn McColgan, president of Fidelity Brokerage Co., now becomes president of distribution and operations. She will work closely with Abigail P. Johnson, who will continue as president of Fidelity Employer Services Co.

John J. Remondi is interim chief administrative officer.

“This reorganization, coupled with the departure of [Stephen Jonas, who was executive director of the investment division until January], indicated Fidelity has some large challenges ahead,” John Bonnanzio, group editor of Fidelity Insight, told Bloomberg.

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