Clark Steps Down from Fidelity Post

Michael Clark, president of Fidelity Investments’ institutional products group, has stepped down from his post.

Fidelity spokesman Steve Austin said Clark made the move “for medical reasons.”

Austin said Clark was taking a leave of absence, but declined to provide more details about whether Clark was expected to return to the Boston-based investment giant. Clark will remain available to Fidelity President Rodger Lawson for consultations, Austin told

Replacing Clark is Gerry McGraw, who has run the institutional products area’s operations and services unit. Clark has been with Fidelity since October 2007.

The institutional products group includes the firm’s National Financial securities clearing unit, Institutional Wealth Services custody business for independent advisers, family office business, and risk and brokerage technology functions.