Abigail Johnson has cemented her position at the top of fund giant Fidelity Investments.
She is succeeding her father Ed C. “Ned” Johnson, 86, as chairman of the fund firm, according to an internal memo seen by Business Insider. She will add the chairman role to her existing role as chief executive.
“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.
The elder Johnson is retiring and becoming chairman emeritus. He will continue to maintain office hours at the firm he has spent 60 years working at, according to the memo.
The appointment of Abigail Johnson continues a family dynasty. The company was founded in 1946 by Edward C. Johnson, Ned Johnson’s father. Ned Johnson joined the firm in 1957, and led the firm as CEO from 1977 to 2014.
Abigail Johnson started at Fidelity in 1988 and has led several units within the company, including asset management. She was appointed CEO in 2014.
The firm has established itself as a preferred investment advisor for millions of Americans. The firm has 25 million individual investors, $5.4 trillion in total customer assets, including $2.1 billion under management, and offers more than 450 mutual funds.
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