Fidelity’s New Chief Confronts Market Shift

via Wall Street Journal

Abigail Johnson, who took over as CEO of Fidelity Investments in October, faces a wave of customers moving into passively managed funds. Shown here in 2012, Ms. Johnson rarely makes public appearances.

BOSTON—Abigail Johnson was so eager for change at mutual-fund giant Fidelity Investments that she once tried to oust her own father as CEO, according to executives at the time. A decade later, Ms. Johnson is finally in charge, and she appears no less willing to shake things up.

Ms. Johnson, 53 years old, is quietly reshaping the company that Edward “Ned” Johnson III, 84, built into a money-management behemoth that oversees the retirement plans of millions of Americans. Since she took over as CEO in October, she has cut costs and overhauled units that are losing money, replaced heads of underperforming divisions and pushed the company into businesses her father long resisted.

But some current and former Fidelity executives and analysts question whether Ms. Johnson has the vision to drive the company forward, or will be a big enough catalyst for change…

To read the full WSJ Article CLICK HERE

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About thebenefitblog

Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
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