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Fidelity Takes Bold Steps To Improve Efficiency

Boston fund giant Fidelity Investments has announced a major restructuring that includes replacing Abigail Johnson, the chairman's daughter, with a committee to run its money management arm. Johnson will become president of Fidelity's Employer Services Company, which provides retirement, benefits and human resources services to companies. Johnson, whose family controls the privately held company, was promoted four years ago to run the money management division and has long been seen as her father's successor. Robert Reynolds, Fidelity's vice chairman and COO, will chair a committee to oversee the company's mutual fund unit in addition to his current responsibilities.