Abigail Johnson, the 52-year old granddaughter of the founder of Fidelity Investments and the president of Fidelity’s parent company, FMR, has been named to succeed her father, Edward C. Johnson III, 84, as chief executive,
the
New York Times
’ DealBook column reported.
Her appointment takes effect immediately, the
Times
article said.
Her father, who is known as Ned, will remain as chairman. The Johnson family owns 49% of the company; employees own the rest, the
Times
report said.
The
Times
article noted that Abigail Johnson “had seemed the most likely successor after her appointment as head of all funds in 2001. But after the funds turned in a disappointing performance, Mr. Johnson removed her from the position in 2005, raising questions about her future role. Those questions were all but answered when Ms. Johnson was named president last year, seemingly on track to run the company.”
Fidelity also announced changes to its board, the
Times
article said. Bill Byrnes, who has been a director for more than 40 years, is retiring. Two new directors have been named: Gerry McGraw, the president of Fidelity’s institutional business, and Mike Wilens, president of the enterprise services business.
News reports noted that Abigail Johnson will continue to report to her father. (Source: DealBook,
New York Times
, Oct. 13, 2014.)
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