Posted by: Lauren Young on August 7, 2007
That’s what I said when I read this this email from Jim Lowell of Fidelity Investor: “In a surprise and surprising announcement, Ellyn McColgan announced she is leaving Fidelity to pursue new opportunities. Ellyn had been viewed as a likely heir apparent when Ned Johnson steps down from his current role (sometime in the next several years). But, it appears that Ellyn didn’t want to wait out the succession and instead devised her own transitional plans. While the impact of her decision to leave won’t affect shareholders in any way, I do view her departure as a blow to Fidelity’s senior management lineup. Moreover, I view her role as one which will likely be filled temporarily by Roger Lawson, the returning President of FMR Co, as one which could be filled from outside the current management ranks, much the way Fidelity’s new institutional company has been filling its human capital orders.”
I agree with Jim. Ellyn is one of the most capable management types to jump ship from Fidelity in recent years. She garnered the respect of everyone who knew her inside and outside the company. I think it is a huge loss. And the timing is very odd, given the weird story about Fidelity’s future in the Sunday NYT last week. (Still behind the subscriber wall, unfortunately.)
I’d like to be a fly on the wall of Ned Johnson’s office today.