Patrick Goepel, president of Fidelity Human Resource Services, the HRO division of Fidelity Investments, has left the firm, causing industry analysts to wonder whether the Boston-based company will continue its plans to target midmarket clients.
Goepel left to “pursue other opportunities,” said spokesman Vin Loporchio. “We appreciate his contribution to HR services, and we wish him well,” he said, declining to elaborate.
Goepel’s last day was Monday, August 4.
Goepel joined Fidelity HR Services in November 2006 and was promoted to president of the division in May 2007. Previously, he had been an executive vice president at Ceridian, a Minneapolis-based HR outsourcing provider that specializes in midmarket businesses.
Goepel’s departure comes just more than three months after Fidelity HR Services announced a new strategy to target midmarket HR business process outsourcing clients.
But some analysts said Goepel’s departure would hurt Fidelity’s efforts in this market.
“This is a tremendous loss for Fidelity,” said Naomi Bloom, an industry consultant. “Fidelity has been a revolving door, not just of people but of strategic direction, and one more change is the last thing they need.”
Fidelity plans to stick to its business plan and doesn’t see turnover to be an issue, Loporchio said.
“We have a deep bench of talent internally and the ability to recruit from outside,” he said. “We have invested more than $470 million in research and development in HR services over the past five years.”
Larry Renfro, president of developing business at Fidelity, will take over for Goepel until Fidelity names a permanent replacement, Loporchio said.
—Jessica Marquez
