MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, June 2, 2009 Ned Passes Part of His Throne to Abby It looks like Ned Johnson gave his daughter another piece of the Fidelity crown, but he still has plenty left. Company spokeswoman Anne Crowley confirmed that Abby Johnson is succeeding Ned as chairperson of the board for the Boston-based fund firm's asset allocation and fixed income funds (161 in all, managing about $650 billion). "He [Ned Johnson] decided recently to step down from that role," Crowley told MFWire, citing a decision several years ago to split the fund boards. Reuters and Boston Globe's Todd Wallack broke the news. According to Crowley, Ned keeps both the chairmanship and CEO spots at Fidelity parent FMR and the chairmanship of Fidelity's equity and high yield funds. Abby, meanwhile, is vice chairperson of FMR and president of Fidelity Personal and Workplace Investing. The new, expanded role for Abby seems to put her one step closer to taking Ned's place at the overall helm, fitting in with a rough succession time frame of January 2010 or earlier that industry insiders previously described to MFWire (see MFWire, 4/17/2009). Yet Fidelity spokeswoman Anne Crowley told the Globe that this move "has nothing to do with succession." "We began the move of splitting the boards two years ago, and this was the next logical step," Crowley told the Globe. Crowley said that Abby took over the chair post for 23 of the funds on May 21; the trustee election (after which Abby would take over as chair) for the remaining funds is scheduled for July 15. Printed from: MFWire.com/story.asp?s=21682 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |