Fidelity Says Abigail Johnson to Succeed Father as Chairman
- Edward ‘Ned’ Johnson to retire, become chairman emeritus
- Firm facing intense competition from Vanguard, BlackRock
Abigail Johnson
Photographer: Essdras M Suarez/Boston Globe via Getty ImagesThis article is for subscribers only.
Abigail Johnson is taking full control of Fidelity Investments as the money management giant faces intense competition for assets and clients from rivals including Vanguard Group and BlackRock Inc.
Johnson, 54, will succeed her father, Edward "Ned" Johnson, as chairman of the family-run firm in early December, the Boston-based company said Monday. She has been chief executive officer since 2014 and will maintain that role. Edward, 86, is retiring and will become chairman emeritus.