Market Overview

Fidelity Remembers William Byrnes


The Fidelity Investments family is deeply saddened to announce the
passing of William Leo (Bill) Byrnes, its former president and vice
chairman, and one of the company's key leaders as it grew from a
Boston-based mutual fund company into a highly diversified global firm.
Bill, 96, died peacefully on July 21st surrounded by his
loving family. Our hearts go out to the Byrnes family and to all who
were touched by this extraordinary gentleman.

"Over the course of more than six decades with Fidelity, Bill assembled
an extraordinary legacy," said Abigail P. Johnson, Fidelity's Chairman
and CEO. "Apart from his enormous contributions to Fidelity's business,
he was also one of the kindest and most thoughtful individuals I've ever
had the pleasure of working with. When I was young, I knew him as a
family friend; once I joined the company and during the ensuing years,
his counsel was always humbly offered but greatly appreciated."

Johnson continued, "Bill will be missed by many Fidelity associates for
his business acumen, sharp wit and friendship. The world is immeasurably
better because of Bill. Simply put, Bill Byrnes was one of the best."

Edward C. (Ned) Johnson 3d, Fidelity Chairman Emeritus, said, "Bill was
at the heart of all the major developments at Fidelity over many
decades, and our company wouldn't be where it is today without his
insights, creativity, passion and leadership. I truly believe that Bill
is one of the best business minds of his generation. I'm grateful for
having been able to call him my friend."

About William Leo (Bill) Byrnes

Born in 1921 in Cambridge, Massachusetts, Byrnes graduated from Belmont
Hill School in 1940 and was captain of the hockey team. He would later
serve on the school's board for more than 50 years. Jon Biotti,
president of its Board of Trustees, said that "Every time he spoke to
us, he made our school better." Byrnes subsequently graduated from the
Wharton School at the University of Pennsylvania in 1943 and then served
in the Army Air Corps during World War II, from 1943 to 1946.

Upon return from military service, Byrnes—as he would later put it,
"without a great deal of direction or commitment"—took a job in the
family business, the Hamilton-Lapp Company in Boston, a small chain of
retail stores selling women's shoes and accessories. In his mid-thirties
he set out to reinvent himself, eventually turning a spark of interest
in the stock market into a firm decision to pursue employment in the
growing financial services industry. He knocked on a number of doors
before a "very good feeling" about Fidelity's founder, Edward C. Johnson
2d, landed him at his professional home for the rest of his life.

Byrnes joined Fidelity as a research analyst in 1957, the same year that
Edward C. (Ned) Johnson 3d, the son of the company's founder, also
joined as a research analyst. Byrnes and the younger Johnson struck up a
partnership, one that would endure for decades. Beginning in the
mid-‘60s, Byrnes and the two Johnsons, father and son, formed a
leadership team that would shape the future vision and direction of the

After serving as director of investment research, Byrnes was named
executive vice president of the company in 1969, reporting to both
Johnsons. In 1972, Byrnes became president of the management company and
joined the board of directors; and in 1977 when Ned began his long
tenure as chairman and CEO of Fidelity, Byrnes was named vice chairman.

"Bill and Ned were a complementary duo," said Roger Servison, who joined
Fidelity in 1976 and helped lead its pioneering efforts in direct
marketing and discount brokerage. "Ned was always filled with energy and
ideas, but he wasn't a logistics guy. So oftentimes Ned would come up
with an idea, and Bill was the one who would handle the details and the
people management and make it happen. Bill was a great, honorable
leader, and the ultimate gentleman."

Byrnes helped lead the company's efforts to establish its overseas
business, incorporated in 1969 as Fidelity Management & Research Bermuda
Limited, and was the lead manager for start-up investment offices in
Tokyo (also 1969) and London (1973), and a subsequent name change to
Fidelity International Limited (FIL).

In 1979, Byrnes' Fidelity career took an adventurous turn when it was
decided that Fidelity needed to more aggressively grow its still-nascent
international business. He moved to London, and what was initially
planned as a six-month trip turned into a lengthy tenure. Byrnes was
named vice chairman of FIL in 1980 and served in this role until 1989.

Byrnes retired from day-to-day management upon his return to the States,
but he was named managing director and vice chairman of FMR, Fidelity's
parent company, in 1990 and continued to be a key voice in the firm's
strategic direction. He served on Fidelity's board of directors until
2014, then as director emeritus from 2014 until his passing. In addition
to his skill as a business builder, strategist, and manager, Byrnes'
grace and low-key style made him a much-loved figure at Fidelity.

In 2017, Ned Johnson and Bill Byrnes both celebrated their 60th year at
Fidelity. They stand as the two longest-tenured associates in the
history of the company.

Byrnes married twice. In 1942, he was wed to Sybil Griffith, and their
son Randall (Randy) was born in 1946. Randy attended the University of
Pennsylvania and later Harvard Business School, and spent the bulk of
his career in real estate as executive vice president and Washington, DC
Regional Manager for the Boston- based Spaulding & Slye Company, which
was later sold to Jones Lang LaSalle Inc.

In 1971, Byrnes married Peggy Cryan, becoming stepfather to her son
Jeffrey and daughters Michele and Lindsay. The couple and their family
members enjoyed a home in Naples, Florida for over 45 years.

In addition to his son and three stepchildren, Byrnes is survived by his
five grandchildren: William Carter, Spencer Dean, Randall William Jr.,
Connor Even and Lily Bing-Xi.

About Fidelity Investments

Fidelity's mission is to inspire better futures and deliver better
outcomes for the customers and businesses we serve. With assets under
administration of $7.0 trillion, including managed assets of $2.5
trillion as of June 30, 2018, we focus on meeting the unique needs of a
diverse set of customers: helping more than 27 million people invest
their own life savings, 23,000 businesses manage employee benefit
programs, as well as providing more than 12,500 financial advisory firms
with investment and technology solutions to invest their own clients'
money. Privately held for 70 years, Fidelity employs more than 40,000
associates who are focused on the long-term success of our customers.
For more information about Fidelity Investments, visit

Fidelity Brokerage Services LLC, Member NYSE, SIPC
900 Salem
Street, Smithfield, RI 02917

National Financial Services LLC, Member NYSE, SIPC,
200 Seaport
Boulevard, Boston, MA 02110

Fidelity Investments Institutional Services Company, Inc.,
Salem Street, Smithfield, RI 02917

© 2018 FMR LLC. All rights reserved.

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