Fidelity is bringing back another blast from the past. Larry Renfro, who had held several senior positions at Fidelity in the 1980s and is currently president and chief executive of AARP Services, will rejoin Fidelity in June.

Renfro will be heading up a new division at the company, Fidelity Developing Businesses, and will report directly to FMR Corp. president Rodger Lawson, himself a resurgent force at Fidelity after heading the retail division in the late '80s.

Renfro will oversee Fidelity HR Services Company, Fidelity Investments Life Insurance Company, Fidelity Charitable Services, ActionsXchange and the Corporate Business Development unit.

Below is the memo sent out by Lawson to Fidelity employees on Tuesday.

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May 6, 2008

Dear Fidelity Colleagues:

I am very pleased to announce that Larry Renfro, who began his career at Fidelity and currently is president and chief executive of AARP Services, Inc., the wholly owned taxable subsidiary of AARP, is returning to our firm. He will report to me as president of a new organization, Fidelity Developing Businesses, comprising a number of existing businesses and strategic initiatives. Larry also will be a member of the Fidelity Executive Committee.

Larry was with Fidelity from 1981 to 1988, and was very highly regarded for his leadership and focus on meeting the needs of customers. He held several executive positions within our organization, with responsibilities for service delivery, customer communications, advanced applications and implementation of our regional strategy. Before leaving for a position at State Street Bank & Trust, Larry was president of Fidelity Retail Services and a managing director of FMR Corp.

After two years at State Street, Larry went to Allmerica Financial, where for eight years he was vice president and group executive in charge of the Institutional Services division, overseeing sales, marketing, product development, retirement operations, cash management and information systems. Before joining AARP in 2005, Larry was chairman and chief executive of NewRiver, Inc., a supplier of compliance services to the financial services industry. At AARP Services, Larry is responsible for a wide range of products and services that are offered as benefits to AARP's 40 million members. The offers span health products, financial products and lifestyle products and services.

As president of Fidelity Developing Businesses, Larry will oversee Fidelity HR Services Company under Pat Goepel; Fidelity Investments Life Insurance Company under Jon Skillman; Fidelity Charitable Services, headed on an interim basis by Sarah Libbey; ActionsXchange; and the Corporate Business Development unit led by Mike Fox. Roger Servison will report to Larry as his chief operating officer, while the consulting group under Roger will report to Marv Adams.

I knew Larry when he was here previously, and have followed his career closely over the years. He is a dynamic, creative, collegial and hands-on leader who will bring excitement and focus to our developing businesses and initiatives.

Larry will start in mid-June. Please join me in welcoming him back to Fidelity and wishing him every success in his new role.

Sincerely,

Rodger Lawson  

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