The Fedora Project is managed by a board of community members and Red Hat employees, with Red Hat providing significant funding and other services such as bandwidth and hosting, broad direction, engineering, and marketing.
The Fedora Project is a collection of many smaller projects, working together to produce the platform and build the supporting community. These different sub-projects are independent of one another, but work together to achieve common goals and coordinate efforts.
Each of the sub-projects has leads or a Steering Committee to organize and guide that project's development. The Fedora Project operates as a meritocracy, where responsibility and power are granted based upon ability and effort. The people who lead Fedora are selected because they have proven they are willing and able to do so.