Fidelity International CEO Anne Richards has stepped down from her role and will become vice chair after spending five years at the helm the company.
Her new role will involve helping the organisation with its key external relationships and strategic partnerships.
She will remain CEO during a period of transition led by the board, which will take place over the coming months. The firm said further details on succession will be communicated at a later date.
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Richards joined Fidelity International as CEO in December 2018. She has three decades of experience as an analyst, portfolio manager and CIO in the financial sector, having held positions at JP Morgan, Merrill Lynch Investment Managers, Aberdeen Asset Management and M&G Investments.
Abby Johnson, CEO and chair of Fidelity Investments and granddaughter of the firm's founder, said Anne achieved a "tremendous amount" for the company in her time as CEO.
"She has spearheaded the build out of a wide range of new capabilities and services across multiple markets, as well as our firmwide approach to sustainability, setting us firmly on the path for the future," she added.
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Johnson also commended Richard's contributions to diversity within the firm and mentioned initiatives she led such as enhanced parental leave, carers leave and dynamic working.
"I look forward to working with her during this transition period and I am delighted she will stay with our business as vice chair, supporting us as we work together with our clients, employees and communities all around the world to build better financial futures," she said.
