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The 2014 Pension 40: Abigail Johnson

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Abigail Johnson
Chief Executive Officer
Fidelity Investments
PNR

Abigail Johnson’s ascension to CEO at privately held Fidelity Investments in October ended years of speculation about her father’s plans for the leadership of the $1.98 trillion-in-assets firm. Her father, Edward (Ned) Johnson III, has been CEO since 1977. It’s a good thing succession has finally been settled, because Fidelity plays a major role in pensions, particularly defined contribution plans. The Boston-based firm is the largest 401(k) recordkeeper in the U.S. and a huge player in the 403(b) market, providing Fidelity funds and advice to millions of participants. Of Fidelity’s total assets, $1.2 trillion are earmarked for retirement, some 61 percent of the firm’s managed assets. Although Johnson, 52, has historically kept a low profile, she has a number of major issues to contend with, including Fidelity’s move into actively managed exchange-traded funds, which are increasingly popular in 401(k)s. Johnson became president of Fidelity’s holding company a year ago and headed Fidelity Investments Financial Services beginning in 2012. Before that she had a number of jobs in asset management, including serving as president of the unit. Johnson also managed a number of mutual funds, was a director in the equity division and has overseen technology, including Fidelity’s equities investment systems. Johnson got a taste of the family business in the summer between high school and college: Before attending Hobart and William Smith Colleges, she dealt directly with clients, taking customer orders. After graduating from Harvard Business School in 1988, Johnson formally started at Fidelity as an analyst and portfolio manager.

The 2014 Pension 40

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Bruce Rauner
Illinois
John and
Laura Arnold

Laura and John
Arnold Foundation
Randi Weingarten
American Federation of Teachers
Rahm Emanuel
Chicago
David Boies
Boies, Schiller & Flexner
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Randy DeFrehn
National Coordinating Committee for Multiemployer Plans
Damon Silvers
AFL-CIO
Laurence Fink
BlackRock
Chris Christie
New Jersey
Robin Diamonte
United Technologies Corp.
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Ted Eliopoulos
California Public Employees’ Retirement System
John Kline
Minnesota
J. Mark Iwry
U.S. Treasury Department
Gina Raimondo
Rhode Island
Phyllis Borzi
U.S. Labor Department
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Orrin Hatch
Utah
Abigail Johnson
Fidelity Investments
Ted Wheeler
Oregon
Caitlin Long
Morgan Stanley
James Hoffa
International Brotherhood of Teamsters
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Amy Kessler
Prudential Financial
Alejandro
García Padilla

Puerto Rico
Christopher Klein
U.S. Bankruptcy Court for the Eastern District of Caifornia
Steven Rhodes
Bankruptcy Court for the Eastern District of Michigan
Kevin de León
California
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David Draine
Pew Charitable Trusts
Jordan Marks
National Public Pension Coalition
Sam Liccardo
California
Joshua Rauh
Stanford Graduate School of Business
Karen Ferguson and Karen Friedman
Pension Rights Center
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Timothy Blake
Moody’s Investors Service
Kathleen Kennedy Townsend
Center for Retirement Initiatives, Georgetown University
Edward (Ted) Siedle
Benchmark Financial Services
Daniel Loeb
Third Point
Judy Mares
Employee Benefits Security Administration, U.S. Labor Department
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Andrew Biggs
American Enterprise Institute
Andy Stern
Columbia University
Kenneth Mehlman
KKR & Co.
Teresa Ghilarducci
New School for Social Research
A. Melissa Moye
U.S. Treasury Department


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