BOSTON (Reuters) -- A possible new president for Fidelity Investments would face the tough task of surviving generational change at the family-owned mutual fund giant.

Citing anonymous sources, The Wall Street Journal on Friday reported signs Fidelity's president of two years, Rodger Lawson, may be on his way out, adding to speculation about a looming leadership shift at the world's biggest mutual fund company.
A Fidelity spokeswoman said Lawson, 62, has no immediate plans to leave. She acknowledged Lawson recently launched a search for a senior executive who could be a possible successor someday, but said there was no immediate plan for such a move.
Still, the report underscored the challenges facing the world's largest funds company.
Lawson was expected to stay at Fidelity three to five years when he first arrived in 2007. Real power at Fidelity, however, lies with its controlling Johnson family and whoever is president in coming years will likely preside over a tricky transition period.
Fidelity chairman, Edward “Ned” Johnson, is 79 and has steadily been handing over power to his daughter and vice-chair Abigail Johnson, 47. Just last month, she was named to a board overseeing its fixed-income funds, for instance.
Whether it is Lawson or another executive, this leader will have to survive and help guide the transition of influence to Abigail Johnson from her father, said Geoffrey Bobroff, a financial industry consultant.
While most expect Abigail Johnson to eventually take over the chairman's role, it is an open question whether she also wants to become chief executive. “I would envision a shared relationship, with Abby as chair and a separate CEO,” Bobroff said.
Given Fidelity's size, with more than $1 trillion in assets under management, “I'm not sure that any one person can effectively lead the company,” he said.
Lawson has told a long-time acquaintance he would like to leave by the end of the year, the Journal reported. It also cited two unnamed financial industry figures who said they were approached about his post.
In April, Fidelity denied rumors it had a search under way for a replacement for Lawson. Crowley declined to say if the search launched by Lawson is what led the company to name a new executive to oversee investments, Jacques Perold, in May. “As a firm, we are always searching for talent,” she said. “It is a normal part of succession planning.”
Even by Fidelity's standards of rapid turnover among its leaders, Lawson's departure would mark a dramatic change.
Lawson has replaced nearly all the company's top executives in a bid to make over the company, drawing mostly on external talent. He has also spent heavily on advertising and kept the company profitable amid the economic downturn, in contrast to many other financial firms.
But his actions have led to friction with many of Fidelity's old guard, insiders have said.
“A lot of people took it as an insult that they went out and hired people from the outside,” said one former employee, speaking on condition of anonymity because of the sensitivity of the subject.
This year the trend has shifted. Rather than recruiting from elsewhere, some of the company's more recent promotions have gone to insiders, including Perold, previously head of a Fidelity spinoff, and its new head of equities, Brian Hogan.
Even Ned Johnson himself has alluded to the differences. In his annual report earlier this year he wrote that, “with so many new people coming in, there is bound to be a period of constructive adjustment during which we will need to learn from these new people, but also need to help them understand Fidelity's long-term business philosophy.”
All the questions about Fidelity's leadership ultimately are not good for business, said John Bonnanzio, who edits an independent newsletter for Fidelity investors.
“Fidelity needs to reach a decision on who is going to run the company. There are many exogenous things that you cannot control. But clearing up the confusion about that you can control.”