Fidelity Investments names Abigail Johnson as CEO, replacing father Edward Johnson

MarketsAssociated Press

Fidelity Investments is naming Abigail Johnson CEO of the financial services company.

Johnson, 52, is replacing her father in the top job, 84-year-old Edward Johnson. He will stay on as chairman of the board.

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The changes were announced Monday in a memo to Fidelity shareholders.

Fidelity manages mutual funds, offers 401(k) retirement plans and provides other financial services.

Abigail Johnson has worked at the Boston company since 1988. Most recently she was president of Fidelity's retail, workplace and institutional businesses.