Edward C. “Ned” Johnson III has relinquished one of his titles at Fidelity Investments: chairman of the board that oversees hundreds of the company’s mutual funds,
the
Boston Globe
reported.
The
Globe
article noted:
The move will probably spark speculation that the 80-year-old Johnson is finally starting to let go of the company founded by his father in 1946. But Fidelity spokeswoman Anne Crowley said Johnson is not easing up or planning to retire anytime soon, but simply wanted to focus on his main job as chairman and chief executive of Fidelity.
In May 2009, Johnson turned over chairmanship of the board that oversees Fidelity’s 190 fixed income and asset allocation funds to his daughter, Abigail, the
Globe
report noted.
James Curvey, who retired as a Fidelity president in 2002 but still serves on Fidelity’s corporate board and on panels that oversee the mutual funds, replaced Ned Johnson as chairman of the board that oversees Fidelity’s stock and high-yield mutual bonds in January, the Globe article said. An observer told the
Globe
that Curvey is “Ned’s most trusted senior adviser and friend.”
The observer also speculated that Ned Johnson “wants to spend his remaining time at Fidelity focusing on the big vision kinds of decisions and not get caught in the weeds of board meetings.” The
Globe
article said:
Many outsiders have long expected Abigail Johnson, who is 49, to eventually succeed her father as chief executive. But Fidelity, which is privately held, has declined to comment on its succession plans.
(Source:
Boston Globe,
May 6, 2011.)
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