Michael Clark has left his post as president of Fidelity's institutional products group due to medical reasons, company spokesman Steve Austin confirmed to The MFWire.

Gerry McGraw, who had been president of the operations and services group, has taken on Clark's duties. McGraw, 54, had previously reported to Clark, 51.

Peter Cieszko, head of the group that distributes Fidelity's mutual funds and 401(k) products through advisors, now reports to McGraw.

Clark joined Fidelity in the fall of 2007 from JPMorgan. He reported to Fidelity president Rodger Lawson.

In an internal memo to employees last week, Lawson said: "I am pleased that Mike will continue to be available to me to provide input and advice."

McGraw's former duties have been assumed by Mark Katzelnick, who is now chief operations officer of the operations and services group.  

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