Abigail P. Johnson, daughter of Fidelity Chairman and CEO Edward C. Johnson III, may not make the cut when her father retires, according to an opinion piece in Business Week. Ned Johnson says that because he has no immediate plans to retire, he has not chosen a successor, and should he be unable to make a decision on the matter, then company guidelines will decide.
Among other potential candidates are two Fidelity veterans, Ellyn A. McColgan and Robert L. Reynolds. Both have impeccable track records, McColgan in the brokerage business and Reynolds in 401(k)s, and would be great picks.
And Abigail Johnson even admitted to Business Week that she and her father argued over the mutual fund unit she ran until May and that she did not leave it by choice. Johnson now runs the less high-profile benefits business.
Further, when she managed two mutual funds, one of them fared poorly. Then, when she took over the fund business in 2001, performance across the board declined.