Fidelity chief’s daughter in line to chair fixed-income and asset allocation board
Abigail Johnson, daughter of Fidelity chairman and chief executive Edward “Ned” Johnson, is expected to be named chairman of one of the firm’s two boards of trustees — the one that oversees the fixed-income and asset allocation funds.
Abigail Johnson, daughter of Fidelity chairman and chief executive Edward “Ned” Johnson, is expected to be named chairman of one of the firm’s two boards of trustees — the one that oversees the fixed-income and asset allocation funds.
She was named chairman of 23 of those funds May 21.
On May 29, Fidelity Investments of Boston filed proxy statements nominating Ms. Johnson for a position as trustee on the remaining 138 funds.
The voting by shareholders will take place leading up to the July 15 annual shareholders meeting.
Mr. Johnson continues to serve as chairman of the board that oversees the equity and high-income funds, said Fidelity spokeswoman Anne Crowley.
At one time, Fidelity had one board with oversight of all of the firm’s funds.
“We started the process two years ago to split the board,” Ms. Crowley said, adding that the firm’s lineup has grown to more than 400 funds.
The process was finalized last summer.
“It was the next logical step, after the splitting of the boards, that they should have two distinct chairmen,” Ms. Crowley said, adding: “This has nothing to do with successorship.”
Ms. Johnson is currently the president of Fidelity’s Personal and Workplace Investing division. She also serves as vice chairman of the board of directors for Fidelity’s parent company, FMR LLC.
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