Fidelity's deafening silence

The Yankee way of facing setbacks, as any Boston Brahmin knows, is to stiffen the upper lip and suffer in silence. As three of Fidelity Investments' key executives quit in rapid succession this year - mutual funds boss Steve Jonas in January, COO Bob Reynolds in April, and Ellyn McColgan, the head of operations and distribution, in August - the company's billionaire owner and CEO, Ned Johnson, has played to type. He has not gone out of his way to discuss the upheaval with worried employees. He hasn't admitted any problems in the press, which he has long shunned. Nor has he addressed another personnel matter, not even to Fidelity's senior brass: the health of his daughter, Abby, who runs the multibillion-dollar 401(k) and employer services division.

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[Source: Financial news of the day - CNNMoney.com]