Fidelity Investments President Announces Retirement

The number two executive at one of the largest mutual fund groups in the world has announced plans to retire. Fidelity Investments’ President Rodger Lawson will step down at the end of March.

Fidelity has been controlled by the Johnson family since it was founded by Chairman Edward C. “Ned” Johnson III's father in 1946.

Lawson’s departure raises the question of who will succeed Johnson when he decides to retire after more than five decades at the firm.

Lawson will assume the role of adviser to the company and his current duties will be divided among nine senior executives while the firm begins the search for his successor.

“We all think this is a good time for me to step on one side,” Lawson said. “I suspect over time what will happen is the succession will come out of this group” of senior executives.

Privately held fidelity holds $1.2 trillion in mutual fund assets and dwarfs most of its competitors such as AllianceBernstein LP (NYSE: AB), Janus Capital Group, Inc. (NYSE: JNS) and Invesco Ltd., (NYSE: IVZ).