Bob Reynolds, vice chairman and chief operating officer of Fidelity Investments is retiring after spending spending 23 years at the Boston Behemoth, Fidelity officials said Thursday.

Fidelity named Ellyn McColgan, who currently runs Fidelity Brokerage Company, president of distribution and operations.

Bob Reynolds Fidelity Investments Vice Chairman and COO

Reynolds, 55, had been widely viewed as a possbible successor to chairman and CEO Edward C. Johnson III. Before taking on his current role, Reynolds served as president of Fidelity Investments Institutional Retirement Group.

Last year, Reynolds, a longtime college football referee, was named as one of the finalists for the NFL Commissioner job, which eventually went to an NFL exec.

"I feel it's time for new experiences," Reynolds said in a news release issued Thursday. "Like so many other American Baby Boomers, I'm contemplating the exciting challenges and opportunities that lie ahead of me."

Johnson lauded Reynolds, who ran Fidelity's 401(k) recordkeeping business for 11 years, for his contributions to the firm.

"Through the 1980s and 90s, he led the growth of our 401(k) business to the market leadership position it enjoys today," Johnson said. "Bob then guided the expansion of that business through various outsourcing and payroll initiatives and, for the past several years, has provided the broader firm with dynamic leadership."

And an industry insider echoed Johnson's praise of Reynolds.

"He sure made a ton of money for himself and for Fidelity's shareholders," the insider observed. "He's clearly a very capable guy."

For her part, McColgan, 54, will continue to oversee the brokerage business and her position at FBC will be filled by another individual.

Fidelity spokesperson Anne Crowley said Fidelity is seeking a replacement for McColgan at FBC.

McColgan will share distribution leadership with Abigail Johnson, 46, who will continue to lead Fidelity Employer Services.  

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