Daughter of Fidelity CEO to chair two firm boards

BOSTON – Abigail Johnson, daughter of Fidelity Investments Chairman and Chief Executive Officer Edward C. “Ned” Johnson III, was elected chairwoman of one of two fund-oversight boards at the world’s largest mutual fund company, Bloomberg News reported last week.
Pending shareholder approval, Abigail Johnson will lead the board that oversees 161 funds dealing in $650 billion worth of investment-grade bonds, asset-allocation portfolios and money markets. She was elected by the trustees of those funds, Anne Crowley, a spokeswoman for Fidelity, said in an interview. Shareholders will vote on the appointment July 15.
Abigail Johnson, 47, is vice chairman and head of fund sales to individuals and corporate-retirement services for Fidelity, which manages about $1.18 trillion. The company’s operating income, which excludes interest and taxes, fell 18 percent to $2.36 billion as assets dropped 22 percent in 2008. •