Posted By: Mark Thatcher

Fri Nov 10, 11:15 AM ET

BOSTON (Reuters) - Robert Gates, President Bush's nominee
for defense secretary, is expected to step down as lead
independent director of the Fidelity Investments board that
oversees hundreds of mutual funds, Fidelity said on Friday.
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"We expect he will be leaving the board as a result of his
new position as secretary of defense," Fidelity spokesman Vin
Loporchio said.

Gates, a former director of the U.S. Central Intelligence
Agency, has been a Fidelity fund director since 1997. He took
over as lead director in January. Fidelity is the world's
largest mutual fund company with more than $1.3 trillion in
assets.

Fidelity, like all mutual fund companies, has a board made
up of members who have no ties to the asset-management firm.
These directors, who have often worked in the business world as
chief executives or financial officers, are appointed to look
after shareholders' interests.

Traditionally, the independent directors choose the person
who will lead them. Fidelity said its group will choose Gates'
successor.

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