Franklin Resources yesterday announced that Charles Johnson will retire as chairman of the board and director, effective June 13. In his stead, the firm's board of directors approved the appointment of his son, Gregory Johnson, as chairman and he will continue in his roles as president and chief executive officer.

The elder Johnson, who was formerly co-president of Franklin Resources from 1999 until 2003, has been named to the Franklin Resources’ board of directors, effective June 13. He is also currently the founder and managing general partner of Tano Capital, a San Mateo, Calif.--based family office and alternative asset management firm.

In addition, effective June 13, Rupert Johnson, Jr., brother of Charles Johnson and director/trustee and vice president of certain FT funds, was appointed to the boards of the FT funds for which he was not already a director/trustee as well as chairman of the board for the FT funds.

Franklin Resources reported over $846 billion in assets under management as of May 31.

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