FIDELITY FILLS ITS CHIEF OPERATING OFFICER POSITION.Byline: Andrew Fraser There are several notable people by the name of Andrew Fraser:
Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. In another shuffle of senior management, Fidelity Investments Fidelity Investments is a group of privately held companies in the financial services industry. It is made up by two independent but closely cooperating companies, Fidelity Management and Research Corporation (FMR Co. on Thursday promoted the head of its business development arm to the newly created position of chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . James C. Curvey will oversee day-to-day operations of Fidelity, but the recently appointed head of the company's vast mutual funds business will still report to Chairman Edward C. Johnson. The appointment is the latest in a sea of executive changes by the Boston-based investment company meant to strengthen management and improve its sagging mutual funds business - the biggest in the world. It came a day after mutual fund chief executive Robert C. Pozen, in his first big move to shake up the operation, named three executives to oversee stock fund managers. Pozen replaced J. Gary Burkhead just last week. Fidelity watchers said Curvey's promotion effectively makes him the No. 2 person at the company, a unit of FMR FMR Former (government official title) FMR Fair Market Rents (HUD) FMR Financial Management Regulation FMR Friends of the Mississippi River (watershed conservancy) Corp., behind Johnson. He also will chair the company's operating committee and become a vice chairman at FMR. ``He will be running the firm on a day-to-day basis should something happen to (Johnson),'' said Eric Kobren, executive editor of Fidelity Insight, a newsletter that tracks the company. However, Kobren said he didn't think the appointment was made with any intention that Curvey will succeed Johnson. Fidelity said the appointment reflected the need for such a position because of the company's size. ``The pace of Fidelity's growth over recent years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. we provide and the challenges and opportunities we face make the appointment of a chief operating officer a natural step in the evolution of our senior management team,'' Johnson said in a statement. The company's managed assets more than tripled in five years from $156 billion in 1992 to $500 billion at the end of 1996. Its mutual fund market share rose from 10.3 percent to 13.2 percent during that period, and the number of employees rose to 23,318 from 7,222. When pressed, Fidelity spokeswoman Camille Lepre refused to say whether Curvey's appointment made him Johnson's right hand or a potential successor - a position many observers expect will go to his daughter, Abigail Johnson Abigail Johnson (born January 7, 1962) is an American financial businesswoman. She runs part of Fidelity Investments under the auspices of her father Edward Johnson. In March 2007, her net worth was estimated at $13 billion - she is at the 42nd position in Forbes , whenever he steps down. As chief overseer of Fidelity's 11-member operating committee, Curvey takes over a role that was performed by Edward Johnson Edward Johnson may refer to:
Some of the committee members will report to Curvey. But Pozen and Burkhead continue to report directly to Johnson - something that makes it difficult to gauge the significance of Curvey's appointment in the hierarchy of the company. Curvey, 61, will have direct responsibility for such key staff functions as finance, corporate affairs and administration. Timothy T. Hilton, managing director of Fidelity Capital, will succeed Curvey as president of the unit. |
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