Fidelity executive leadership undergoes another shakeup
Fidelity Investments has undertaken one of the most extensive executive reshuffles in Abigail Johnson’s almost decade-long tenure as chief executive.
The restructuring underscores Johnson’s strategy of regularly rotating members of her leadership team into different positions, with the aim of exposing them to various facets of the company and giving them fresh perspective, according to a report in the Wall Street Journal.
Among the notable changes, Maggie Serravalli, the former finance chief, has been named chief administrative officer, overseeing legal, human resources, and other corporate services, while Kevin Barry assumes the role of chief financial officer.
Other appointments include Sharon Brovelli as the head of workplace investing, Bill Freitas and Mona Vernon as heads of technology and human resources, respectively, and Roberto Braceras as general counsel.
These shifts come on the heels of other noteworthy moves at the privately held company, including the splitting of its Personal Investing unit into separate brokerage and wealth management divisions, and the announcement of key figures like Tom Jessop and Vadim Zlotnikov to lead strategic areas within the company.
Serravalli, Barry, Brovelli, Freitas, Jessop, Zlotnikov, and others will report directly to Johnson, who has yet to designate a second-in-command.
The company’s financial performance remains robust, with record revenue reported in 2023 as the fund company was buoyed by last year’s market rally.
In the annual overview of financial performance that Fidelity provided to employees, it revealed a healthy operating income of $8.5 billion in 2023, a 6 percent increase from the previous year, and a revenue surge of 12 percent, to $28.2 billion. Assets under
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