Archive

Senior Fidelity executive Michael Clark steps down

Michael Clark, a member of the executive committee of Fidelity Investments, has left the firm and been replaced in his role as president of the firm's institutional products group.

Michael Clark, a member of the executive committee of Fidelity Investments, has left the firm and been replaced in his role as president of the firm’s institutional products group.
“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 also said that Mr. Clark 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 securities clearing unit, its Institutional Wealth Services 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 advisory, clearing and family office businesses.
In his new role, Mr. McGraw, who is 54, reports directly to Mr. Lawson.
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 of 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 Ned Johnson, 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.