November 21, 2016 – Abigail Johnson, CEO of Fidelity, is taking full reins of the fourth largest asset manager in the world and assuming its chairmanship from her father, Edward C. Johnson III, who is retiring after nearly six decades with the company. Johnson will now have full day-to-day oversight of Fidelity, which holds some $2.1 trillion in managed assets, and handles the retirement and savings plans of approximately 25 million Americans and 20,000 companies.
In a memo to Fidelity employees obtained by FORBES, outgoing chairman Johnson, 86, said he would step aside from the company after “nearly 60 wonderful years” and become a non-executive chairman, consulting with his daughter and Fidelity’s board of directors on occasion, and maintaining office hours at the firm’s Boston headquarters.
“Abby will have responsibility for the management of all FMR LLC businesses, including Fidelity Financial Services and Fidelity’s other diversified businesses and investments. 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,” said Johnson, who goes by ‘Ned,’ in his employee letter.
Click on the external link below to review the entire article: