Fidelity does have a succession plan in place to ensure a smooth transition.

Abby Johnson has agreed to become Chief Executive Officer of Fidelity, reflecting a further step forward in our leadership succession plan. Abby will retain her role of President, and I will continue to serve as Chairman of the Board.

I would expect the family would continue to play a critical role in leading Fidelity. However, the company does not necessarily have to be run day-to-day by a family member. It will be run by the person who is determined to have the right skills and chemistry.

There's no way we could have had as smooth of a transition at defensive line.

Sid and I have had a succession plan in place for the last five years. It?s not something decided a week ago or over dinner. It was a plan we all felt comfortable with. If someone can learn the easier way rather than the hard way, the whole company will benefit.

a serious impediment to the kind of smooth transition that we would ideally wish.