Oct. 13 (Bloomberg) -- Fidelity Investments, the second-biggest U.S. mutual-fund company, named Abigail P. Johnson chief executive officer, succeeding her father Edward C. “Ned” Johnson III to become the most powerful woman in the fund industry.
“Abby will retain her role of President,” Ned Johnson, 84, said in a letter to internal shareholders, adding that he will stay on as chairman of the board.
Fidelity signaled that Johnson, 52, was the clear successor to her father in 2012 when it named her president overseeing asset management, retail and institutional brokerage, retirement and benefits services. The appointment resolved the long-running question of succession at the family-controlled firm run by her father for more than three decades.
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