After much speculation, Fidelity Investments announced that its president, Rodger A. Lawson, will retire at the end of the quarter after two-and-a-half years in the job.
Lawson, 63, wrote in a letter sent to employees Wednesday afternoon that he will remain an adviser to Chairman and CEO Edward C. Johnson 3rd.
Observers said it was unclear whether a successor will be named to Lawson. Geoffrey Bobroff of Bobroff Consulting in East Greenwich, R.I., said, "Fidelity has functioned without his position in the past. Lawson has brought in talent, and talent has been promoted during his tenure, and one would assume the company could function quite nicely with that talent in place without filling his job."