Return to search

Fidelity’s Abigail Johnson gains CEO title from her father-Reuters

(Reuters) – Abigail Johnson has taken another big step toward being the next leader of Fidelity Investments after the company said she will add the title of chief executive to her duties.

Johnson, 52, will continue to report to her 84-year-old father, Edward C. Johnson III, Boston-based Fidelity’s chairman. The elder Johnson had been chairman and CEO of the company since taking over from his father in 1977. The announcement was contained in a memo distributed on Monday to employees.

“Abby Johnson has agreed to become chief executive officer of Fidelity, reflecting a further step forward in our leadership succession plan,” according to a Fidelity memo from the elder Johnson viewed by Reuters. “Abby will retain her role of president and I will continue to serve as chairman of the board.”
Fidelity is the second-largest U.S. mutual fund company behind Vanguard Group. It runs a stable of actively managed mutual funds including the $100 billion-plus Contrafund .