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Friday, June 29, 2018

Happy 88, Ned

News summary by MFWire's editors

Ned Johnson and his family have good cause to celebrate this weekend. Today is the former Fidelity chief's 88th birthday, as noted by the Boston Globe.

Edward C. Johnson III joined the Boston Behemoth in 1957. In 1977, Ned took over as chairman and CEO from his father, Fidelity founder Edward C. Johnson II, and Ned reigned for 37 years. In that time Fidelity grew into a financial services titan across a host of different business lines and revolutionized the 401(k) industry with its bundled mutual fund platform, and it grew to be the largest mutual fund company and 401(k) recordkeeper in the world (it retains the latter title but has slipped to number three among fund firms, number four if you count ETFs).

In 2014 Ned passed the CEO job to one of his daughters, current chief Abby Johnson. In 2016 Ned handed Abby his final hat, chairman. 

Edited by: Neil Anderson, Managing Editor


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