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MFS Hires Former Fidelity Executive Pozen as Chairman

Robert Pozen joins the firm days after its market-timing settlement with SEC.

Less than a week after settling market-timing charges with regulators, MFS said Monday that Robert Pozen, former investment chief at Fidelity, will become the firm's non-executive chairman.

Pozen replaces Jeffrey Shames, who is retiring from MFS to spend more time with his family. Shames is the third MFS executive to leave the firm in less than a week. CEO John Ballen and President Kevin Parke quit on Feb. 5 after they were suspended from the investment business as part of MFS' settlement with the Securities and Exchange Commission. The SEC and other regulators found that MFS allowed market-timing in 11 of its mutual funds, despite prospectus language that suggested the firm didn't allow such fast trades in its funds. The firm will pay $225 million to settle the case.

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