Fidelity chairman and chief executive Ned Johnson is handing over the role of chief executive to his daughter, Abigail
The FT reports Ned Johnson, who took over from his father chief executive in 1977, said the move would see Abigail retain the role of president as well as taking her new title.
Ned Johnson will continue as chairman.
He said the move was “a further step forward in our leadership succession plan. Abby will retain her role of president and I will continue to serve as chairman of the board.”
Abigail Johnson began her career as an equity research analyst and already chairs Fidelity’s non-US operations.
Last September she took over the day-today running of US operations and was appointed president in February when Ron O’Hanley stepped down.