Fidelity Investments shook up its senior management ranks, including appointing a new finance chief, as Abigail Johnson approaches a decade of running one of the world’s largest money managers.
Maggie Serravalli was appointed chief administrative officer after serving as finance chief, and Kevin Barry, who led Fidelity’s workplace investing business, will take over finance. Sharon Brovelli, who previously led workplace distribution and servicing, succeeds Barry.
The moves were reported earlier by the Wall Street Journal and confirmed by a Fidelity spokesperson.
“Fidelity has a long heritage of asking talented leaders to take on new and different roles as a way to infuse fresh perspectives into different areas of the company,” the spokesperson said in an emailed statement.
Fidelity had $28.2 billion in revenue in 2023, up 12% from $25.2 billion the prior year, the company said Thursday in its annual report. The company has $12.6 trillion of assets under administration and about about 50 million individual clients. It took in $351 billion last year to discretionary investment products such as index and money market funds.
This article was provided by Bloomberg News.