Two notable exits at Fidelity

Fidelity Investments is losing two top executives. Tony Ryan, chief administrative officer, has left the firm, and Jack Callahan, executive vice president of sales for Fidelity Workplace Investing, is leaving at the end of the month. Mr. Callahan, 53, is retiring after 19 year the firm, company spokesman Vincent Loporchio. Steve Patterson, head of relationship management in workplace investing, will replace Mr. Callahan. During his tenure at Fidelity, Mr. Callahan headed up various units, including Fidelity Institutional Wealth Services and Fidelity Institutional Retirement Services Co. In his most recent role, he reported to Jeffrey Lagarce, executive vice president for workplace investing. The Workplace Investing sales and sales management teams had a stellar year in 2010, according to Mr. Loporchio, who added that sales for defined contribution, defined benefit and health and welfare products were the best since 2006. Meanwhile, Mr. Ryan who left “in recent weeks,” will be replaced by various executives at the firm, Mr. Loporchio said. He had reported to Ronald O'Hanley, who took over as president of asset management last May. Before joining Fidelity, Mr. Ryan worked at the Treasury Department under Secretary Henry Paulson from 2006 to 2009. During the financial crisis, Mr. Ryan is said to have been instrumental in dealing with issues related to the liquidity of fixed-income instruments.