MFS Investment Management said on Monday that Chairman Jeffrey Shames has resigned and will be replaced by former Fidelity Investments Vice-chair Robert Pozen.

Shames, who is retiring, said the moves was long planned so that he could spend more time with family. "I decided to see the company through to a settlement with the regulators, and I’m now leaving the company in the hands of a very strong management team," he said in a statement.

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