Fidelity Executives Depart, McGovern Is Promoted
January 31, 2000
Fidelity Investments of Boston is reshuffling its top management after two senior executives announced plans to leave the firm.
Fidelity last week named Gail J. McGovern to oversee all retail mutual fund and brokerage businesses, succeeding J. Gary Burkhead. Burkhead, 58, who had been at Fidelity for 17 years, is retiring Feb. 1, the company said. He will remain a director of FMR Corp., the parent company of Fidelity.
In addition, Stephen A. Cone resigned as Fidelity's president of retail and corporate marketing, Fidelity announced. Cone will join Citigroup of New York, according to industry executives. Cone did not return a call seeking comment. Cone said in a statement that his primary reason for making the move was a desire to return to New York, where his family lives.
McGovern, head of distribution and services in the personal investments and brokerage group, joined Fidelity in 1998 from AT&T Corp. of New York, where she was executive vice president of the consumer markets division. Burkhead said in a statement that he plans to spend more time with his family, invest in start-up companies and serve on corporate boards.