Abigail Johnson Succeeds Pozen as Fidelity President

May 21, 2001, 1:00 a.m. EDT 1 Min Read

Abigail P. Johnson was named president of Fidelity Management & Research Company of Boston today, succeeding Robert C. Pozen, who resigned after four years as president, the company announced.

Pozen, 54, has 'decided to pursue other interests at the end of the year,' according to a company statement.

Johnson, 39, is the daughter of Edward C. Johnson III, chairman and CEO of Fidelity Investments. She started with Fidelity in 1988 as an analyst and portfolio manager and became the associate director and senior vice president of the companys equity division in 1997. She is a director of FMR Corp. and a member of the board of trustees of Fidelitys funds, according to the company. She is also responsible for Fidelitys specialized growth funds and oversees the activities of the firms growth and capital appreciation equity groups.

'Abby is a 14-year Fidelity veteran and is fully prepared to take on the leadership of FMR Co.,' said Edward C. Johnson III, in a statement. 'She has the appropriate skills and experience, she knows the Fidelity organization and culture as well as anyone, and she will enhance this companys long tradition of investment management excellence.'

As president, Johnson will be in charge of all Fidelity portfolio managers, analysts and traders in Boston and will be a member of the companys operating committee. She will report directly to Robert L. Reynolds, vice chairman and COO, according to Fidelity.

Pozen will step down as president June 15, but will remain with the company for the rest of the year, working on various company projects, according to Fidelity. He will also be serving on President Bushs Commission on Social Security as well as writing the second edition of his textbook, The Mutual Fund Business. He also intends to teach part time at Harvard University and serve on corporate boards, he said in a statement.

'Ive done what I set out to do in 1997, and Im pleased with the results,' he said. 'Things are running very well inside the investment arm of the company, and now is the right time for me to pass the baton to a new generation of leadership, and return to a broader agenda of personal interests.'