FILE - In this Sept. 25, 2002, file photo, Fidelity Investments chairman & CEO Edward "Ned" Johnson, left, requests questions from the audience for keynote speaker General Electric chairman & CEO Jeffrey R. Immelt during Boston College's Chief Executives Club luncheon in Boston. Johnson is retiring, completing the transfer of the company to his daughter Abigail Johnson. Abigail Johnson is taking over as chairwoman, the company said in a memo Monday, Nov. 21, 2016. She is already Fidelity's CEO, and will hold both positions. (AP Photo/Chitose Suzuki, File)

FILE - In this Sept. 25, 2002, file photo, Fidelity Investments chairman & CEO Edward "Ned" Johnson, left, requests questions from the audience for keynote speaker General Electric chairman & CEO Jeffrey R. Immelt during Boston College's Chief ... Executives Club luncheon in Boston. Johnson is retiring, completing the transfer of the company to his daughter Abigail Johnson. Abigail Johnson is taking over as chairwoman, the company said in a memo Monday, Nov. 21, 2016. She is already Fidelity's CEO, and will hold both positions. (AP Photo/Chitose Suzuki, File) (The Associated Press)

Fidelity Investments' Ned Johnson to retire

Markets Associated Press

Fidelity Investment's long-time chairman Edward "Ned" Johnson is announcing his retirement, completing the transfer of the company to his daughter Abigail Johnson.

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Abigail Johnson will take over as chairwoman. She is already serving as Fidelity's CEO, and will serve in both positions.

Ned Johnson became CEO of Fidelity in the mid-1970s and led the Boston company through a period of massive growth fueled in part by the growing popularity of 401(k)s and other retirement accounts. The growth made Ned and Abigail Johnson both billionaires, and made Fidelity one of the largest asset managers in the country.

Ned Johnson, 86, will become "chairman emeritus," according to a company memo.