April 30, 2007
Fidelity Shakes Up Exec Ranks as Reynolds Retires
Edward "Ned" Johnson, chairman of Fidelity Investments, will assume more responsibilities at the firm upon the retirement of Vice Chairman and Chief Operating Officer Robert Reynolds. Reynolds, 55, is leaving the firm after 23 years.
Along with Reynolds' retirement, Fidelity is reorganizing its top management team, the third time it has done so in the past two years. Ellyn McColgan, president of Fidelity Brokerage, now becomes president of distribution and operations. She will work closely with Abigail P. Johnson, who will continue as president of Fidelity Employer Services. John J. Remondi is interim chief administrative officer.
Aon Consulting Promotes Alford to Practice Leader
Aon Consulting has promoted Susan Alford to executive vice president and head of its national defined contribution practice. A 30-year veteran of Aon Consulting, Alford was previously regional director of the Southeast operating unit of its employee benefits consulting division. She will continue serving on the global retirement practice council. A frequent speaker on 401(k) and defined contribution issues at professional meetings and seminars throughout the United States, Alford has extensive experience working with plan sponsors in the design, implementation and administration of defined contribution plans.
Munson Accepts New Post At The Online 401(k)
Industry veteran Greg Munson has joined The Online 401(k) as senior vice president of sales and business development, a new position at the firm, which offers web-based 401(k) plans for small businesses.
Munson joins the firm after spending 14 years at Charles Schwab, where he worked with more than 300 independent third-party administrators, and in that time, grew that business channel to more than $40 billion in assets. Before that, he worked at Schwab's custody subsidiary, Charles Schwab Trust, where he was instrumental in building the business from its founding in 1992 to become one of the nation's leading custody platforms, with $65 billion in assets under management. Munson began his career in the institutional trust department of Bank of America just about when 401(k) plans were first introduced. After working in plan consulting and recordkeeping, he was promoted to manage employee benefit trust and custody relationships.
"The addition of Greg provides us leadership and depth to our executive team that will allow us to deliver our cost-transparent, web-based retirement plan services effectively to plan sponsors and participants hungry for an alternative to the paperwork and fee-intensive offerings that crowd the 401(k) market," said The Online 401(k) President Chad Parks.
Northern Trust Taps Hardy For International Sales
Northern Trust Global Investments has appointed Kevin Hardy as managing director, international sales, responsible for Europe, Middle East, Africa and Asia Pacific. Hardy joined the firm in 2003 as head of transition management, Europe, and, in 2004, became global head of transition management, a position in which he will also continue to serve.
Northern Trust has also named Grant Johnsey head of transition management, North America, and Simon Hutchinson head of transition management, international. Johnsey and Hutchinson both joined the firm in 2004 and were previously senior transition management strategists.
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