Fidelity rejiggers leadership, expands Abigail Johnson's role

Abigail P. Johnson
Abigail P. Johnson

Abigail P. Johnson was named president of Fidelity Financial Services, consolidating all of the company's core businesses — including asset management — under her leadership.

Other executives have held similar roles at Fidelity in the past, but Ms. Johnson isn't immediately replacing anyone with those responsibilities, said Fidelity spokeswoman Anne Crowley.

Ronald O'Hanley, who joined Fidelity in the summer of 2010 as president of asset management and corporate services, will retain those duties but report to Ms. Johnson instead of directly reporting to her father, Edward “Ned” Johnson, Fidelity's chairman and CEO, according to a news release.

When Mr. O'Hanley joined, Ms. Johnson took on the role of president of Fidelity Personal, Workplace and Institutional Services, which includes the firm's retail and institutional brokerage divisions, as well as its retirement and benefits services.

In Tuesday's news release, Mr. Johnson said his daughter, a 24-year veteran of the firm, had “demonstrated an ability to drive change and innovation in business practices on behalf of our customers,” and said she's “well suited” to her new responsibilities.

Asked if the latest executive recalibration makes Ms. Johnson the heir apparent to her father at Fidelity, Ms. Crowley said Ms. Johnson remains “focused on her job at hand” overseeing all of Fidelity's core businesses, while Mr. Johnson remains chairman and CEO, with no plans to step back from the company.