Fidelity Investments promoted Abigail Johnson to chairman of the board of directors overseeing fixed income and asset allocation funds, yet another indication of the firms intention to eventually name the younger Johnson successor to her father, Edward C. Ned Johnson III, 78, as head of the company.
The 47-year-old Johnson runs Fidelitys personal and workplace investing unit and has been vice chairman of FMRs board for a number of years. The older Johnson remains chairman of Fidelitys equity and high-yield funds.
Clearly, Abigail is going to be the successor, Burt Greenwald, president of B.J. Greenwald Associates, told The Boston Globe. I think what you are seeing over the last year or two is a number of moves to build a firmer senior management team.
John Bonnanzio, editor of Fidelity Insight, agreed with Greenwalds assessment, telling Reuters, Fidelity is laying the groundwork for Abigail as the overriding force of the firm. As others have said previously, it is unlikely that Fidelity President Rodger Lawson will succeed Ned Johnson, as he is in his 60s.
However, Anne Crowley, a spokeswoman for Fidelity, said the promotion has nothing to do with a change in leadership, but, instead, simply streamlining oversight of the boards.