Fidelity Investments has announced that Edward Johnson will step down as chairman of the company next month and will be succeeded by his daughter Abigail Johnson.
Abigail Johnson, who succeeded her father as CEO in October 2014, will now be in charge of managing all of Boston-based money manger’s businesses.
In a memo to Fidelity employees, Edward Johnson said: “As chairman and chief executive officer, Abby will have responsibility for the management of all FMR LLC businesses, including Fidelity Financial Services and Fidelity’s other diversified businesses and investments.”
“This expansion of responsibilities is a natural progression of Abby’s 28-year career at Fidelity, in which she has taken on increasingly more challenging and complex roles.
“While we have enjoyed much success, evolving customer preferences and new regulatory requirements are transforming the investment management industry,” the elder Johnson wrote. He added he has “never felt more confident about Fidelity’s future.”
Abigail Johnson joined the firm in 1988 as an equity research analyst and went on to lead a number of businesses, including Fidelity’s asset management, workplace and retail units.
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Fidelity manages $2.1 trillion in assets and has $5.5 trillion in assets under administration across all of its businesses.