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.

To fill Shames’ shoes the firm has nabbed industry veteran Pozen, who is currently a visiting professor at Harvard Law School, and recently the Secretary of Economic Affairs for Massachusetts Governor Mitt Romney. In addition to serving as vice-chairman of Fidelity Investments, Pozen was also the president of Fidelity Management and Research Company, the investment advisor to the Fidelity mutual funds.

The move comes amid a tumultuous week for MFS in which the firm reached a $350 million settlement with regulators and saw the SEC impose enforcement actions against CEO John Ballen, and Kevin Parke, the company’s president and chief equity officer. Under the agreement, both are banned from serving as an officer or director of any fund company. Also last week, MFS named Robert Manning, 40, its CEO and investment chief.

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