Fidelity CEO Abigail
Johnson to Succeed Father as Chairman
Fidelity Investments Chairman
Edward C. Johnson III said in an internal memo sent Monday that his
daughter, CEO Abigail Johnson, will
succeed him as chairman of the financial-services firm, according to published
reports. Abigail will unify the two positions, while Johnson III becomes “chairman emeritus.” Periodically, he
will consult with his daughter and the board of directors.
In the memo, Johnson III described the move as a "natural
progression of Abby's 28-year career at Fidelity." Abigail joined Fidelity
Investments as a fund manager in the late 1980s before climbing to the rank of
CEO in 2014.
Johnson III joined the firm in 1957 and took charge as
chairman in 1977. Looking forward, Johnson III says he has never been more convinced
of the company’s strength than now.
“As I step back from my management duties, I think it is
appropriate to pause and reflect on where we stand as a company. Throughout
Fidelity’s long history of growth, our dual commitments to our customers and to
innovation have served us well. By investing in technology and using the kaizen
method of continuous improvement, we have built a strong brand,
industry-leading positions and multiple profitable businesses.
“While we have enjoyed much success, evolving customer
preferences and new regulatory requirements are transforming the investment
management industry. However, we are prepared to seize the opportunities in
this changing, competitive landscape. I have never felt more confident about
Fidelity’s future than I do now.”
Welcomes Back Managing Director