Senior executive leaves Fidelity post
Michael Clark, president of Fidelity Investments' institutional products group and a member of the executive committee, has left the firm.
Michael Clark, president of Fidelity Investments’ institutional products group and a member of the executive committee, has left the firm.
“He took a leave of absence for medical reasons,” said Fidelity spokesman Stephen Austin.
Mr. Austin would not elaborate on Mr. Clark’s departure, but did say that the executive has been permanently replaced in his position by Gerard “Jerry” McGraw, a Fidelity veteran who, for the past six years, ran operations and services for the institutional products area.
Mr. Clark, 51, was hired by Fidelity president Rodger Lawson in October 2007 to oversee a significant part of the company’s businesses.
His domain included the firm’s National Financial Services LLC securities clearing unit, its custody business for independent advisers, its family office business and its risk and brokerage technology functions.
In his brief tenure at the company, Mr. Clark replaced the heads of several businesses and hired former Charles Schwab Corp. executive Charles Goldman to oversee Fidelity’s registered investment adviser, clearing and family office businesses.
In his new role, Mr. McGraw, who is 54, reports directly to Mr. Lawson, as did Mr. Clark.
Mark Katzelnick has been named chief operations officer of the institutional products group, assuming several of Mr. McGraw’s former responsibilities.
Prior to joining Fidelity, Mr. Clark spent more than a decade at J.P. Morgan Securities, rising to become chief executive of JPMorgan Chase & Co.’s securities services business.
He earlier served in various posts at the retirement services, global custody and institutional trust units of Bankers Trust New York Corp.
Mr. Clark’s departure follows rumors earlier this summer that Mr. Lawson had lost the confidence of Fidelity Chairman Edward C. Johnson III, following lackluster performance of the company’s funds and the departure of several senior executives. Fidelity officials and Mr. Lawson have denied the reports.
Mr. Clark was not available for comment.
E-mail Jed Horowitz at [email protected].
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