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Rating:Will Ned Pick Abby, or Ellyn or Bob? Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, November 04, 2005

Will Ned Pick Abby, or Ellyn or Bob?

by: Sean Hanna, Editor in Chief

There is nothing else like a succession fight that can get the speculative ink flowing from the pens of reporters and the Johnsons saga at Fidelity is no exception. The latest news outlet to jump on the story touched off by Bob Stansky's resignation from Magellan is BusinessWeek.

The magazine speculates (as many have already) that Fidelity brokerage chief Ellyn A. McColgan, 51, and Chief Operating Officer Robert L. Reynolds, 53, are two possible successor to Ned Johnson if he chooses to not tap his daughter Abby Johnson, 43.

BusinessWeek (which is quite cute with the "Dear Abby" headline), goes an extra step by quoting from a statement from Abby herself. Unfortunately, the magazine did not post the statement in its entirety.

Abby acknowledged she didn't want to leave the fund unit to head FESCo, according to BusinessWeek. In a statement, she said: "There's always one more thing you want to do at your old job. But I can't complain. I have been given one of the great assignments at Fidelity."

It also reports on Ned's "spirited differences of opinion, but ultimately leading to the growth of Fidelity,"

"That belief in constructive debate exists today," added Ned's statement. Abby seconded those thoughts, according to BusinessWeek.

Ned also confirmed the he has yet to name a successor, but added that the firm has plans in place should it need one.

"I have no immediate plans to retire and, therefore, I have not named my successor," Ned says. "If I am unable to select my successor, Fidelity has a process in place to make that selection, but [it] has not been made."  

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