Abigail Johnson has succeeded her father, Edward Johnson 3d, as CEO of Fidelity Investments, the vast, privately held financial services company founded by her grandfather.
Edward Johnson 3d, known as “Ned” at Fidelity, will remain chairman of the board, and Abigail Johnson will continue to be president.
Boston-based Fidelity has $1.8 trillion in mutual fund assets, just behind archrival Vanguard’s $2 trillion. But in aggregate, Fidelity is probably the largest company; Fidelity has 23 million customers and $4.9 trillion in customer assets, including mutual funds, brokerage accounts, pension and 401(k) accounts.
Abigail Johnson, 52, has served in several sections of Fidelity, including investment management — as did her father before he became CEO. She started work at Fidelity as a stock analyst and served as president of the asset management division from 2001 through 2005.
“Along with our senior team, we will work together to strengthen Fidelity’s industry leadership and to innovate in ways that enhance the experience we provide to our customers,” her father wrote to employees, leaving her promotion to the fourth paragraph of a memo to shareholders.
Source: USA Today