Jennifer M. Johnson will take over as CEO of Franklin Resources in early 2020, the company said Thursday.
Ms. Johnson will retain her role as president but relinquish the chief operating officer post when she assumes the title of CEO from her brother, Gregory E. Johnson, on Feb. 11, at the firm’s annual shareholder meeting, confirmed Cary Ruterman Sherman, a company spokeswoman.
Mr. Johnson will become executive chairman, a new position, and will remain chairman of the firm’s board of directors.
Mr. Johnson will maintain an active role within Franklin Resources, including working with key stakeholders and consulting on major decisions including merger and acquisition opportunities and the strategic direction of the firm, a company news release said.
Franklin Resources is “evaluating the reporting structure and any potential changes will be made in 2020,” with regard to a possible replacement for Ms. Johnson’s COO duties, Ms. Ruterman Sherman said.
“Jenny’s appointment as president and CEO is the natural evolution of her current role and recognizes both her strong track record and our confidence in her ability to lead the firm strategically into the future,” Mr. Johnson said in the release.
Ms. Johnson said she is “excited by the possibilities ahead for both Franklin Templeton and our industry. We are well positioned to seize the right opportunities to grow our business and to continue to deliver strong investment results for our shareholders and clients around the world” in the release.
Franklin Resources managed $693 billion as of Oct. 31.