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Rating:Abby (Very Quietly) Takes Another Step Upwards Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, October 17, 2011

Abby (Very Quietly) Takes Another Step Upwards

News summary by MFWire's editors

How good a job is Fidelity doing at keeping Abigail Johnson's succession to its top job in the shadows? Well, let's say that Abby got a promotion and the world missed it. On Friday Reuters reported that a month after Ned Johnson handed over the chairmanship of Fidelity's stock and bond funds to James Curvey, Abby also received a title that had been held by her father: chairman of Fidelity Management & Research Co.

If it wasn't for someone finally noticing the title change in SEC filings for Fidelity, the industry would likely still be in the dark about the change.

Abby remains as president of Fidelity Personal and Workplace Investing and vice chairman and director of FMR LLC[see profile].

Dow Jones' Marketwatch reports that Fidelity spokesman Vin Loporchio downplayed the move as "just corporate formalities."

He told the Dow Jones pub that the firm had a succession plan in place but declined to discuss specifically whether Johnson is included.

Loporchio's boss Anne Crowley emailed Reuters that "Abby has for many years served as director of FMR LLC, the parent company, and also as vice chairman of the board of directors for the entire firm." Adding that, "These are much higher profile roles at the parent company."

There is no reason to doubt crowley. The new role is likely just one more stepping stone in the succession plan at the Boston Behemoth. 

Edited by: Hung Tran

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