Abigail Johnson named new CEO of Fidelity Investments
New England Council Member Fidelity Investments has named Abigail Johnson as its new chief executive. Following a lifelong career at Fidelity, Ms. Johnson was promoted by the current CEO, Edward “Ned” Johnson III from President of Fidelity’s parent company, FMR, to CEO of the Boston-based mutual fund giant.
Ms. Johnson is a graduate of Hobart and William Smith Colleges, and joined Fidelity after earning her MBA from Harvard Business School. Since then, she has worked in several positions at Fidelity, rising from equity research analyst to fund manager and a series of executive posts at the firm. Her new post marks the third generation of Johnsons to head Fidelity since its founding in 1946 by her grandfather. Edward Johnson III will remain chair of the company, and continue to be closely involved in its activities.
“In my role as Fidelity’s chairman and CEO, I have always said that our best days are ahead of us, largely due to the commitment and contributions from all our associates,’’ Johnson III wrote in his memo to Fidelity executives. “I believe this has never been truer than it is today.”
In the same memo, Mr. Johnson also announced changes in Fidelity’s board. He said Bill Byrnes, a director for more than 40 years, would retire, while Gerry McGraw, the president of Fidelity’s institutional business, and Mike Wilens, president of the enterprise services business, would become board members to serve alongside Ms. Johnson.
Fidelity is the second largest mutual fund company in the US and manages $2 trillion in mutual funds and retirement plans. Fidelity oversees more retirement money for workers than any other firm, and employs thousands of people in Boston, New Hampshire and Rhode Island, as well as 41,000 globally. The New England Council applauds Fidelity for its positive economic impact on the region and congratulates Abigail Johnson—a 2012 “New Englander of the Year” honoree – on her new role as CEO.