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Monday, October 28, 2002
Fidelity Shuffles Seats at the Top
Fidelity continues to keep up the game of musical chairs played by the members of its top ranks. In its latest move, the Boston Behemoth promoted Stephen P. Jonas, 49, to the newly created job of chief administrative officer. Jonas had been chief financial officer at the firm. The firm created the job because of the increasing complexity of its business and the growing operational and administrative demands it makes on executives.
In the new job Jonas will oversee Fidelity's personnel, finance, legal and government lobbying and lobbing arms. Many of those units had been under the oversight of Robert Reynolds, Fidelity's chief operating officer and vice chairman. Reynolds will continue to oversee Fidelity's outside business units, including its investment management, life insurance and distribution units.
Jonas has been at Fidelity since 1987. He will also report directly to chairman Edward C. Johnson. The Johnson family, including Abigail, owns the majority of the firm's stock.
Laura Cronin, who had been the CFO of Fidelity's brokerage unit, will take over the slot opened up by Jonas. Fidelity named no replacement for Cronin.
Last week Fidelity also announced that Joseph P. LoRusso, 49, most recently president of Fidelity Institutional Retirement Services Company (FIRSCo), took the president's title at its Financial Intermediary Services unit reporting to Reynolds. LoRusso, succeeded Ellyn A. McColgan, who was named president of Fidelity Brokerage Company. McColgan, in turn, is replacing Kevin Kelly, who has taken a leave of absence due to a serious illness in his immediate family.
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