Former CIA head promoted on Fidelity board

Former CIA head promoted on Fidelity board

BOSTON, Dec 23 (Reuters) - Former CIA director Robert Gates will in January become the lead independent director of the board that oversees Fidelity Investments' hundreds of mutual funds, the world's biggest fund firm said on Friday.

Gates, who is president of Texas A&M University and has been a Fidelity fund director since 1997, will take over as lead independent director from Marvin Mann, who reached the mandatory retirement age.

The board is made up of outsiders who have no direct ties to the privately held, Boston-based fund company and Fidelity executives. Gates will lead the outsiders while Fidelity Chairman Edward Johnson is chairman of the entire board.

Directors are appointed to look after shareholders' interests.

Separately, Fidelity also said that Richard Mace, a veteran manager who heads four of the company's funds, will take a leave of absence.

From Jan. 1, Michael Jenkins and a team including William Bower and William Kennedy will manage the Fidelity Aggressive International Fund, while Derek Young will become the interim manager of the Global Balance Fund.

Ian Hart will succeed Mace as manager of the Overseas Fund and Jeffrey Feingold will become lead manager of the Worldwide Fund."