Fidelity Investments announced a shakeup on the executive level today, with James C. Curvey stepping down as president and COO, posts he has held for three years. Robert Reynolds will replace him as COO effective July 3. Mr. Reynolds, who was president of Fidelitys Institutional Retirement Group, will be in charge of the distribution side of the business. Mr. Curvey will head up Fidelitys capital and ventures group. Robert Pozen will remain president of the firms investment arm.
Messrs. Curvey, Reynolds and Pozen will be vice chairmen of the firm, reporting to CEO Ned Johnson. The new organizational structure reflects the three very important parts of our business, said Mr. Reynolds. The future success of Fidelity will be heavily dependent on the success of these three areas.
In addition, the institutional retirement group will be split in two. The 401(k) and benefit outsourcing business, to be called Fidelity Employer Services, will be run by Peter Smail, president. The balance of the institutional business will be run by Ellyn McColgan, president.