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Monday, October 13, 2014

Abby Takes Over, But Ned's Not Out

News summary by MFWire's editors

Abby Johnson is officially taking over Fidelity [profile], though Ned Johnson isn't stepping down completely.

Kirsten Grind of the Wall Street Journal reports that the Boston Behemoth revealed Abby's promotion to CEO today in an internal memo to employees of the giant mutual fund firm and 401(k) recordkeeper. Abby (Abigail Johnson), 52, succeeds her father, Ned (Edward Johnson III), 84. Yet Ned will continue to serve as chairman, and Abby will continue to serve as president of Fidelity parent FMR LLC.

MFWire could not immediately reach a Fidelity spokesperson for comment on Abby's promotion.

Abby has been rise at Fidelity for years. This spring the Boston Globe profiled Abby, describing her as "poised to take full control of Fidelity Investments." 

Edited by: Neil Anderson, Managing Editor

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