Abigail Johnson Takes The Reins As Chief Executive Of Fidelity Investments

Stephen Little

14 October 2014

Fidelity Investments has appointed Abigail Johnson as chief executive, succeeding her father Edward Johnson, ending years of speculation about who will take over at the top of the mutual fund giant.

Abigail Johnson will continue as president and Edward Johnson will remain as chairman of the board.

The announcement was revealed in an internal memo to staff and shareholders on Monday.

"Abby Johnson has agreed to become chief executive of Fidelity, reflecting a further step forward in our leadership succession plan. Abby will retain her role of president and I will continue to serve as chairman of the board," Edward Johnson said.

"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."

Johnson’s promotion is part of a wider management shake-up that sees Bill Byrnes stepping down from the role of board member to become board member emeritus. Meanwhile, Gerry McGraw, president of Fidelity Institutional, and Mike Wilens, president of Fidelity Enterprise Services, have both become directors of the company.

Abigail Johnson began career in the company as an equity research analyst in 1988. She has held several leadership positions within the firm, overseeing asset management, retail and institutional brokerage, retirement and benefits services.

Based in Boston, Fidelity is the second-largest American mutual fund company behind the Vanguard Group.