Fidelity announces high-level job shifts

Fidelity Investments’ vice chairman and chief operating officer, Robert Reynolds, announced his retirement today Ellyn McColgan was named president of distribution and operations. Fidelity chairman Edward C. Johnson III said Mr. Reynolds has made “tremendous” contributions to Fidelity during his “extensive” career at the firm. “Through the 1980s and 90s, he led the growth of our 401(k) business to the market leadership position it enjoys today,” Mr. Johnson said in a statement. “Bob then guided the expansion of that business through various outsourcing and payroll initiatives and, for the past several years, has provided the broader firm with dynamic leadership.” Fidelity also announced a realignment of the firm’s distribution, operations and administrative functions. As president of distribution and operations, Ms. McColgan will oversee distribution of the company’s products and services directly sold to individual investors and through third-party intermediaries -- as well as a group of the firm’s other operations. Ms. McColgan has served as president of Fidelity Brokerage Company since 2002. In her new role, she will continue to oversee that business, and her position at Fidelity She will share the distribution leadership with Abigail P. Johnson, who will continue in her role as president of Fidelity Employer Services Co.