U.S. News

Fidelity Chief Says Daughter May Not Run Company: NYT


Edward C. Johnson III, the 77-year old chief executive of Fidelity Investments parent company FMR, may not name his daughter Abigail as chief executive of the company, Johnson told The New York Times in an interview.

Speculation about who will lead FMR when "Ned" Johnson steps down has intensified in recent weeks. Nearly two weeks ago, Johnson named a Prudential Financial executive as the head of Fidelity Investments.

Johnson's daughter now reports to that former Prudential executive, Rodger Lawson, 60, which would seem to push her further from the chief executive spot.

Ned Johnson told The New York Times in an article published on Sunday, "I would expect the family would continue to play a critical role in leading Fidelity."

He added, "However, the company does not necessarily have to be run day-to-day by a family member."

Abigail Johnson, 45, who had headed the mutual fund unit at Fidelity, is now president of the Fidelity Employer Services Company, which provides work force retirement plans, the newspaper said.

Fidelity Investments had $1.5 trillion in assets under management as of June 30. It is one of the largest mutual fund companies in the United States.