Following Fidelity Investments’ management shake-up last week, industry insiders are speculating on who will succeed Edward “Ned” Johnson as chief executive officer, The Economic Times reports.
Robert Reynolds was a favorite, but he resigned his post as chief operating officer last week. Others have been betting on Johnson’s daughter, Abigail, but now that Fidelity has promoted Ellyn McColgan to oversee distribution and operations, some think she will be thrust into the vaulted position.
“The succession issue still is somewhat of an open question,” said Ben Phillips, managing director of Putnam Lovell NBF Securities. “Until someone’s actually coronated, you are not going to know.”
“I don’t think Mr. Johnson has made up his mind,” agreed Geoff Bobroff, a fund industry consultant. “This is just another team. And out of this may come a successor—or not.”
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