Fidelity Investments’ Edward “Ned” C. Johnson III, the chairman and chief executive officer of the second-biggest U.S. mutual-fund company, stepped down as trustee and chairman of a board that oversees the firm’s stock and income funds.
Johnson relinquished his role leading the Equity and High Income Funds board in January to James Curvey, in order to “focus on his responsibilities as Fidelity’s chairman and CEO as the company continues to grow and diversify,” Anne Crowley, a spokeswoman for the Boston-based firm, said today in a telephone interview.
Johnson’s move was reported earlier today by the Boston Business Journal.
Abigail Johnson, the daughter of the 81-year-old CEO, was elected chairman of Fidelity’s other fund board in 2009, overseeing the firm’s investment-grade bonds, asset-allocation portfolios and money funds. Curvey has served in a variety of roles during his 28 years at Fidelity, including president and chief operating officer. He is vice chairman of the board of FMR LLC, Fidelity’s corporate holding company.
Ned Johnson is "actively and fully engaged in running the company and has no plans to retire," Crowley said.
Fidelity manages about $1.6 trillion in assets. The closely held firm in March reported a 17 percent increase in full-year operating income as gains in stock and bond markets lifted assets.