Abigail Johnson succeeds father as Fidelity chairman
Abigail Johnson is to succeed her father Edward “Ned” Johnson
as chairperson of Fidelity Investments, following the retirement of the
long-standing chairman.
Ms Johnson will become chairman of the family-run firm in
early December. She became chief executive in 2014 and will continue that role alongside.
Her accession, announced internally on Monday, comes as
Fidelity faces competition for retirement savings and challenges in its asset
management division, the Financial Times reported.
The memo to the staff was obtained by CNBC.
“This expansion of responsibilities is a natural progression
of Abby’s 28-year career at Fidelity, in which she has taken on increasingly
more challenging and complex roles,” the memo, written by Ned Johnson, said.
Abigail Johnson started at Fidelity in 1988 and has led
several divisions within the firm, including asset management. She replaced her
father Ned as CEO in 2014.
Ned led the company as chairman since 1977, having joined as
an analyst back in 1957.
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