BOSTON--Gail McGovern, president of Fidelity Investments' retail mutual funds and brokerage units, is leaving the company at month's end to teach marketing at Harvard Business School, Fidelity said.
Her duties, which include overseeing more than $100 million in annual advertising expenditures, will for the near term be assumed by her boss, Kevin Kelly, who is president of Fidelity Brokerage Co. It is unclear if Kelly intends to seek a successor for McGovern.
Arnold, Boston, and Gotham, New York, are Fidelity's lead agencies, handling mutual funds/retirement services and online brokerage advertising, respectively. Arnold was named for its portion of the business, estimated at $50-60 million last year, succeeding crosstown rival Hill, Holliday, Connors, Cosmopulos. Fidelity also maintains a large in-house ad department. The tagline "See yourself succeeding," developed by Hill, Holliday, two years ago, continues to be used as Fidelity's overarching marketing theme.
McGovern's departure follows the exit several weeks ago of Fidelity senior vp, marketing, Beth Pasciucco, a fomer Arnold executive who had played a role in Arnold landing its portion of the business last year.
A Fidelity representative said McGovern and Pasciucco's departures will have no impact on the client's relationships with its agencies.