Pozen Vs. Reynolds: Duking It Out At FidelityGeoffrey Smith
There's a race on to be Fidelity Chairman Ned Johnson's new top lieutenant. Robert Reynolds, former chief of 401(k) services, was named one of three vice-chairmen and also chief operating officer on June 21. Mutual-fund chief Robert Pozen, too, was named a vice-chairman. The two will compete to be Johnson's second-in-command, sources say.
The change creates a power triad. James Curvey, 65, Johnson's COO for the last three years, also becomes a vice-chairman. But he's stepping down to run the venture-capital unit. He reports to Johnson along with Reynolds, 48, and Pozen, 53. Reynolds gets a key new role: He breaks a tie if the others disagree.
Johnson turns 70 on June 29, but has no plans to retire. He owns 49% of Fidelity with his daughter Abigail, 38, Pozen's top aide. Sources say she may ultimately succeed her father, but isn't ready. Reynolds, a 16-year veteran, learned of his new post last week. "I'm going to stand back and see what's needed," he says. An even bigger job is now his to lose.