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Rating:It's Ellyn ... Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, April 19, 2007

It's Ellyn ...

Reported by Neil Anderson, Managing Editor

It's not yet official, but observers say the heir apparent for Fidelity chairman and CEO Ned Johnson has been all but chosen. The combination of chief operating officer Bob Reynolds's retirement and Fidelity Brokerage head Ellyn McColgan's promotion signal that the choice has been made; sources think this means McColgan is in the cat bird seat.

"She's the one," one insider told The MFWire. Another source concurred, saying that Thursday's changes signal "that McColgan is the heir apparent, given the juxtaposition."

"If Abigail Johnson was going to be named as successor, this would have been a perfect time to do it," one insider observed. "She's not going to be the new Ned."

The same source opined that these shifts may been in the works for a long time, and that McColgan may even have been promised the throne from the beginning.

"It certainly seems to me that it was pre-ordained when McColgan was brought on board."

And at least one insider sees the move as a plus for Fidelity.

"She's very highly competent, by the book, phenomenally capable ... sharp as a tack and tough as a nail," the source opined. "Fidelity will be in very good hands." 

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