Abigail Johnson's long-expected ascension to the CEO chair at Boston's Fidelity Investments was announced yesterday in an internal memo sent by her father, Edward C. "Ned" Johnson III, to employees of the second-largest U.S. mutual-fund company.
The 52-year-old "Abby" Johnson, who already had day-to-day control over operations that include mutual funds, an online brokerage and the biggest U.S. administrator of 401(k) retirement plans, will retain her president's title as she takes the CEO position from her 84-year-old father to become the industry's most powerful woman.
"Abby Johnson has agreed to become chief executive officer of Fidelity, reflecting a further step forward in our leadership succession plan," Ned Johnson, who'll remain chairman, said in the memo. "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."
The elder Johnson had been chairman and CEO since taking over from his father in 1977. Fidelity signaled Abby Johnson was the clear successor in 2012 when it named her president overseeing asset management, retail and institutional brokerage, retirement and benefits services. The appointment resolved the long-running question of succession at the family-controlled firm.
Over the past decade, Fidelity, which had managed assets of $2 trillion at the end of August, has ceded its once-powerhouse status to Vanguard Group as its actively managed mutual funds have become less appealing to investors focused on lower-cost index funds and exchange-traded funds.
Abby Johnson, who has an MBA from Harvard Business School, has a net worth of $9.2 billion, according to the Bloomberg Billionaires Index. She started her full-time Fidelity career in 1988 as an equity research analyst and has worked in almost every major company division.
Herald wire services contributed to this report.
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