Fidelity Investments has named the son of Chairman Edward C. Johnson III, Edward C. Johnson IV, a member of the FMR Corp. fund board and promoted his daughter, Abigail Johnson, who already was a director, to serve as one of the board’s three vice chairmen, the Associated Press reports.
Fidelity revealed the new posts, which became effective last April, in its newly released annual report.
The positions will give the Johnson family more influence on the future of the company, whose stock is evenly divided between employees and the Johnsons, said James Lowell, editor of Fidelity Investments.
However, Lowell could not speculate as to whether Johnson plans to eventually sell the company. “Bringing his son into the mix at this particular stage, I think, is clearly strategic, but whether it is to ensure it remains a family owned business or to ensure a family share of that business will now only go at a premium price to the highest bidder, I can’t tell you,” Lowell said.