Fidelity Investments has named a new CEO. Abigail Johnson is succeeding her father, Edward “Ned” Johnson III, as CEO of Fidelity's parent company FMR LLC.
In an internal memo sent to company employees, Ned Johnson announced he will stay on as company chairman as his daughter "Abby" takes the helm as CEO.
Abigail Johnson, 52, has worked for the Boston mutual fund giant full-time since 1988, getting experience in different parts of the business that her grandfather founded.
Beginning as an equity research analyst, she also spent a number of years in the company’s asset management division, managed a number of Fidelity mutual funds, and oversaw the company’s equity investment systems. She was named company president last year.
Ned Johnson, 84, has led the company for decades, after taking over from his father in 1977. He said in the memo he believes Fidelity’s best days are ahead.
"Along with our senior team," Ned Johnson wrote, "we will work together to strengthen Fidelity’s industry leadership and to innovate in ways that enhance the experience we provide to our customers."