BUSINESSWEEK ONLINE : JANUARY 10, 2000 ISSUE
COVER STORY Fixing Fidelity KEY ACCOMPLISHMENTS Reduced internal conflicts and spurred growth through management changes Increased assets under management by 14%, to $871 billion, through Nov. 30 A couple of years ago, JAMES C. CURVEY, then head of Fidelity Investment's venture-capital unit, led an emotional management meeting. The financial-services giant was stumbling badly, its funds lagging and investors and managers alike bailing out. Curvey went around the room critiquing the performance of one high-ranking executive after another. It was painful, but the exercise helped convince CEO Edward ''Ned'' Johnson III that Fidelity's organizational structure was flawed--and that Curvey was the man to fix it. Shortly afterward, he was appointed chief operating officer and president. It's a move that's paid off big. Fidelity righted itself last year, thanks to Curvey's top-to-bottom reorganization. Assets are up, and Fidelity's online brokerage unit surged ahead of Charles Schwab with an ad blitz and upgraded offerings. Nearly every top position turned over as Curvey focused on eliminating internal conflict. Bonuses are now based in part on how well executives work together. His boldest move: appointing General Counsel Robert Pozen, who had no investment experience, to oversee the mutual-fund unit. Defections stopped, and performance edged upward. Despite his successes, the 64-year-old Curvey is not likely to get a promotion. Johnson's daughter, Abigail, 38, is serving as Pozen's top aide and preparing to replace her 69-year-old dad. Thanks to Curvey, the company she inherits should be alive and kicking. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ BACK TO TOP					RELATED ITEMS INTRODUCTION MANAGERS TO WATCH THE TOP ENTREPRENEURS THE TOP 25 MANAGERS Minuro Arakawa Bernard Arnault Arthur Blank Peter Bijur Gordon Binder Steve Case John Chambers James Curvey Thierry Desmarest Bernie Ebbers Tom Engibous Chris Gent Irwin Jacobs Steve Jobs Mel Karmazin James Kelly Timothy Koogle Ken Lay Jenny Ming Thomas Siebel Masayoshi Son Martha Stewart Keiji Tachikawa Jack Welch Yun Jong Yong ONLINE EXTRAS TO BUSINESS WEEK INVESTOR INTERACT E-Mail to Business Week Online

Copyright 1999, by The McGraw-Hill Companies Inc. All rights reserved. Terms of Use   Privacy Policy