Fidelity Promotes Two to Vice Chair
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Wednesday, June 21, 2000

Fidelity Promotes Two to Vice Chair

Fidelity Investments today announced that its president and chief operating officer, Jim Curvey, 65, would be returning to a leadership position at its Fidelity Capital
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and Venture
business. Curvey had headed the Capital and Ventures businesses for 10 years before being named to the chief operating officer post in May 1997.

Taking his place as chief operating officer will be Bob Reynolds, 48, who is also being promoted to vice chairman of the company.

Joining Reynolds as new vice chairman will be Bob Pozen, 53, who will continue in his role as president of Fidelity Management and Research, the firm's investment advisory arm.

Curvey will continue to be chairman of COLT Telecom Group and all three of its vice chairmen will report directly to Ned Johnson 3d. These operating changes are effective July 3, 2000. Fidelity also said it would reorganize the institutional retirement businesses Reynolds had been heading.

Fidelity Institutional Retirement Services Company (FIRSCo) president Peter Smail will be responsible for the company's 401(k) and benefits/payroll/human resources outsourcing businesses as president of Fidelity Employer Services Company.

Ellyn McColgan, president of Fidelity Tax-Exempt Services Company, would head Fidelity's tax-exempt, trust and other institutional retirement businesses as president of Fidelity Investments Institutional Retirement Group. Both Smail and McColgan will join Fidelity's Operating Committee.

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