Abigail Johnson

Last updated

Abigail Johnson
Abigail Johnson at Village Global (cropped).jpg
Johnson in 2022
Born
Abigail Pierrepont Johnson

(1961-12-19) December 19, 1961 (age 62)
Boston, Massachusetts, US
Education William Smith College (BA)
Harvard University (MBA)
OccupationBusinesswoman
TitleChairwoman, CEO, and president, Fidelity Investments
Chairwoman, Fidelity International
Spouse
Christopher McKown
​
​
(m. 1988)​
Children2
Parent
Relatives Edward C. Johnson II (grandfather)

Abigail Pierrepont Johnson [1] (born December 19, 1961) is an American billionaire businesswoman and the granddaughter of late Edward C. Johnson II, the founder of Fidelity Investments. [2] Since 2014, Johnson has been president and chief executive officer (CEO) of American investment firm Fidelity Investments (FMR), [3] and chair of its former sister company Fidelity International (FIL). Fidelity was founded by her grandfather Edward C. Johnson II. Her father, Edward C. "Ned" Johnson III, remained chair emeritus of FMR until his death in March 2022. As of March 2013, the Johnson family owned a 49% stake in the privately-held company, with Johnson herself holding an estimated 24.5%. [4] [5] She is a board member of Breakthrough Energy Ventures. [6]

Contents

In November 2016, Johnson was named chair and remained CEO and president, giving her full control of Fidelity with 45,000 employees worldwide. [7] As of June 2024 Johnson's wealth is approximately $35.6 billion, [8] making her one of the world's wealthiest women. She was named on Forbes' "The Richest Person In America's 50 Largest Cities" list in 2016 and ranked eighth in 2023 on their "World's 100 Most Powerful Women" list. [9] She has been the richest person in Massachusetts since at least 2015. [10] [11] [12] [13] [14] [15] [16] [17] [18] [19]

Early life

She was born in Boston, Massachusetts [20] on December 19, 1961. Johnson and her younger siblings did not feel pressured to join the family business. As a child Johnson was attracted to her father’s work. [21] Johnson attended Cambridge, Massachusetts private school Buckingham Browne & Nichols School and then graduated from William Smith College with a bachelor's degree in art history in 1984. [22] After working as a consultant at Booz Allen Hamilton, where she met her husband, Johnson completed an MBA at Harvard Business School. [4] [1] [23]

Fidelity Investments

Johnson at the Boston Convention and Exhibition Center in 2012 Abigail Johnson at the Boston Convention and Exhibition Center on April 24, 2012.jpg
Johnson at the Boston Convention and Exhibition Center in 2012

Upon graduating from Harvard Business School in 1988, Johnson joined Fidelity Investments, which her grandfather Edward Johnson II founded in 1946 [4] and of which her father Edward Johnson III was then the CEO. She began as an analyst and portfolio manager. [4] In 2001, she was promoted to president of Fidelity Asset Management. During her time in that position, Johnson unsuccessfully attempted to orchestrate a vote to remove her father as CEO over disagreements about his business decisions. [24] In 2005, she became Head of Retail, Workplace, and Institutional Business. She was named president in 2012. In 2014, she became CEO, [25] and in 2016 she became chairman as well. [4] In 2018, Johnson introduced cryptocurrency investment at Fidelity, making it possible for institutional investors to trade bitcoin and ethereum. [4]

Politics

In 2015, Johnson donated $2,700, the maximum amount legally allowed for presidential primary campaigns, to Republican candidate Jeb Bush. [26] In 2016, she donated about $330,000 to Hillary Clinton's campaign and the Democratic National Committee. [27]

Awards and honors

Johnson has served as a member of the Committee on Capital Markets Regulation and as a member of the board of directors of the Securities Industry and Financial Markets Association (SIFMA) and of MIT. [28] She is the first and only woman to serve on the board of the Financial Services Forum. [29]

Forbes has ranked Johnson among the most powerful women in the world for several years:

Forbes: The World's 100 Most Powerful Women
YearRank
20238 [30]
20225 [31]
20216 [32]
20209 [4]
20197
20185
20177
201616
201519

Johnson was ranked 13th on Fortune's list of Most Powerful Women in 2023. [33]

See also

Related Research Articles

<span class="mw-page-title-main">Fidelity Investments</span> American multinational financial services corporation

Fidelity Investments, formerly known as Fidelity Management & Research (FMR), is an American multinational financial services corporation based in Boston, Massachusetts. Established in 1946, the company is one of the largest asset managers in the world, with $13.7 trillion in assets under management, and, as of December 2023, $12.6 trillion in assets under administration. Fidelity Investments operates a brokerage firm, manages a large family of mutual funds, provides fund distribution and investment advice, retirement services, index funds, wealth management, securities execution and clearance, asset custody, and life insurance.

<span class="mw-page-title-main">Lakshmi Mittal</span> Indian steel magnate

Lakshmi Niwas Mittal is an Indian steel magnate, based in the United Kingdom. He is the executive chairman of ArcelorMittal, the world's second largest steelmaking company, as well as chairman of stainless steel manufacturer Aperam. Mittal owns 38% of ArcelorMittal and holds a 3% stake in EFL Championship side Queens Park Rangers.

<span class="mw-page-title-main">Alice Walton</span> American heiress to the fortune of Wal-Mart Stores, Inc.

Alice Louise Walton is an American heiress to the fortune of Walmart as daughter of founder Sam Walton. In September 2016, she owned over $11 billion in Walmart shares. As of November 2023, Walton has a net worth of $71 billion, making her the 17th richest person and the second-richest woman in the world according to Bloomberg Billionaires Index, after Françoise Bettencourt Meyers.

Edward Crosby "Ned" Johnson III was an American billionaire businessman who, along with daughter Abigail Johnson, owned and ran Fidelity Investments and Fidelity International until his death in March 2022. In April 2021, his net worth was estimated at US$8.2 billion.

<span class="mw-page-title-main">Gina Rinehart</span> Australian businesswoman (born 1954)

Georgina Hope Rinehart is an Australian mining magnate and heiress. Rinehart is the executive chairwoman of Hancock Prospecting, a privately owned mineral exploration and extraction company founded by her father, Lang Hancock.

<span class="mw-page-title-main">Black billionaires</span>

Black billionaires are individuals who are of predominantly African ancestry with a net worth of at least US$1 billion.

<i>Forbes</i> list of the Worlds 100 Most Powerful Women Ranking published by Forbes magazine

Since 2004, Forbes, an American business magazine, has published an annual list of its ranking of the 100 most powerful women in the world. Edited by prominent Forbes journalists, including Moira Forbes, the list is compiled using various criteria such as visibility and economic impact. In 2023, the gauge was "money, media, impact and spheres of influence". The top 10 per year are listed below.

<span class="mw-page-title-main">Aliko Dangote</span> Nigerian businessman (born 1957)

Aliko Dangote is a Nigerian businessman and industrialist. He is best known as the founder, chairman, and CEO of the Dangote Group, the largest industrial conglomerate in West Africa. The Bloomberg Billionaires Index estimated his net worth at $15.3 billion in May 2024, making him the richest person in Africa, the world's richest black person, and the world's 132nd richest person overall.

Yang Huiyan is a Chinese-born billionaire businesswoman and property developer. She is the chairman and the majority shareholder of Country Garden Holdings, a stake largely transferred to her by her father Yang Guoqiang in 2007. Previously the richest woman in Asia, her net worth is around $5.5 billion as of August 2023, according to the Bloomberg Billionaires Index.

<span class="mw-page-title-main">Gautam Adani</span> Indian billionaire businessman (born 1962)

Gautam Shantilal Adani is an Indian businessman who is the founder and chairman of the Adani Group, a multinational conglomerate involved in port development and operations in India.

<span class="mw-page-title-main">Roshni Nadar</span> Indian businesswoman

Roshni Nadar Malhotra is an Indian billionaire businesswoman and philanthropist and the chairperson of HCL Technologies. She is the first woman to lead a listed IT company in India. She is the only child of HCL Group founder and billionaire businessman Shiv Nadar. In 2019, she is ranked 54th on the Forbes World's 100 Most Powerful Women list. According to IIFL Wealth Hurun India Rich List (2019), she is the richest woman in India.

Françoise Bettencourt Meyers is a French businesswoman, philanthropist, writer, billionaire heiress, and the richest woman in the world, with an estimated net worth of US$94.9 billion as of January 2024, according to Forbes. She is the only child and heir of Liliane Bettencourt, and the granddaughter of Eugène Schueller, founder of L'Oréal. Her mother died in September 2017, after which her fortune tripled with her investments through her family holding company, Téthys Invest, and the high valuation of L'Oréal shares on the stock exchange.

Wu Yajun (Chinese: 吴亚军; pinyin: Wú Yàjūn; born 1964) is a Chinese billionaire businesswoman who was at one time the world's richest self-made woman. She is the co-founder, chairwoman, and former CEO of Longfor Properties. From humble origins, she worked as a journalist and editor before moving into real estate in the 1990s, later investing in technology companies including Uber and Evernote.

Peng Lei, also known as Lucy Peng, is a Chinese billionaire businesswoman. She is one of the founders of the e-commerce company Alibaba Group. As of March 2017, Peng was one of 21 self-made women billionaires in China.

Pauline MacMillan Keinath is an American billionaire heiress. She is believed to be the largest individual shareholder in Cargill.

<i>Bloomberg Billionaires Index</i> Ranking of the worlds 500 richest people

The Bloomberg Billionaires Index, launched in March 2012, is a daily ranking of the world's 500 richest people based on their net worth. It features a profile of each billionaire, and includes a tool that allows users to compare the fortunes of multiple billionaires. The index is updated every day at the close of trading in New York.

Jennifer Morrow Johnson is an American business executive who is the current president and chief executive officer (CEO) of Franklin Templeton Investments, a company founded in 1947 by her grandfather, Rupert H. Johnson Sr.

References

  1. 1 2 "Abby Johnson Has Wedding". The New York Times . June 26, 1988. Retrieved February 24, 2011.
  2. ↑ "The World's Billionaires (2010): #48 Abigail Johnson". Forbes . March 3, 2010. Retrieved February 24, 2011.
  3. ↑ O'Donnell, Carl (October 13, 2014). "Abigail Johnson Replaces Father Edward As CEO Of Fidelity". Forbes. Retrieved December 5, 2014.
  4. 1 2 3 4 5 6 7 "Abigail Johnson". Forbes. Retrieved July 8, 2021.
  5. ↑ Lau, Debra (May 21, 2001). "Fidelity Promotes Abigail Johnson To President". Forbes. Retrieved February 24, 2011.
  6. ↑ "BEV Board and Investors | Breakthrough Energy". breakthroughenergy.org. Retrieved January 19, 2023.
  7. ↑ Healy, Beth (November 21, 2016). "'Ned' Johnson stepping down as Fidelity chairman". The Boston Globe. Retrieved December 26, 2016.
  8. ↑ "Bloomberg Billionaires Index: Abigail Johnson". Bloomberg. Retrieved June 9, 2024.
  9. ↑ "The World's Most Powerful Women 2023". Forbes.
  10. ↑ Brown, Abram. "The Richest Person In Every State". Forbes. Retrieved June 9, 2024.
  11. ↑ Alexander, Dan. "Meet The Richest Person In Every State". Forbes. Retrieved June 9, 2024.
  12. ↑ Peterson-Withorn, Chase. "Meet The Richest Person In Every State 2017". Forbes. Retrieved June 9, 2024.
  13. ↑ Debter, Lauren. "Meet The Richest Person In Every State 2018". Forbes. Retrieved June 9, 2024.
  14. ↑ Wang, Jennifer. "The Richest Person In Each State 2019". Forbes. Retrieved June 9, 2024.
  15. ↑ Coudriet, Carter. "The Richest Billionaire In Every U.S. State 2020". Forbes. Retrieved June 9, 2024.
  16. ↑ Voytko-Best, Lisette. "Here's The Richest Billionaire In Every U.S. State 2021". Forbes. Retrieved June 9, 2024.
  17. ↑ McEvoy, Jemima. "The Richest Billionaire In Every State 2022". Forbes. Retrieved June 9, 2024.
  18. ↑ Team, Forbes Wealth. "The Richest Person In Every State 2023". Forbes. Retrieved June 9, 2024.
  19. ↑ Team, Forbes Wealth. "The Richest Person In Every State 2024". Forbes. Retrieved June 9, 2024.
  20. ↑ "Abigail P. Johnson, MBA 1988". Harvard Business School. May 23, 2018. Retrieved July 11, 2023.
  21. ↑ "Who's Afraid of Abby Johnson?". Boston Magazine. August 7, 2018. Retrieved April 22, 2023.
  22. ↑ "William Smith Leaders: Abigail P. Johnson '84". William Smith College. Retrieved May 4, 2015.
  23. ↑ "Fidelity: Here Comes Abby". BusinessWeek . July 8, 2002. Retrieved July 24, 2016.
  24. ↑ Grind, Kirsten (April 8, 2015). "Fidelity's New Chief Confronts Market Shift". Wall Street Journal. Retrieved January 25, 2021.
  25. ↑ Grind, Kirsten (October 13, 2014). "Abigail Johnson Named CEO of Fidelity Investments". Wall Street Journal. Retrieved June 18, 2019.
  26. ↑ Ryan, Greg (November 13, 2015). "Fidelity's Abigail Johnson maxes out donations to this presidential candidate". Boston Business Journal.
  27. ↑ Pendleton, Devon (August 3, 2020). "Fidelity Family's Vast Wealth Is Matched by Passion for Privacy". Bloomberg L.P. Bloomberg News. Retrieved March 12, 2023.
  28. ↑ Ryan, Greg (September 6, 2019). "Fidelity's Abby Johnson strikes deal to stay off stand in MIT 401(k) trial". BizJournals.com. Retrieved October 12, 2020.
  29. ↑ Healy, Beth (December 5, 2014). "Abigail Johnson, after years of training, gets to put her stamp on Fidelity". The Boston Globe. Retrieved December 5, 2014.
  30. ↑ "The World's Most Powerful Women 2023". Forbes.
  31. ↑ Contreras, Isabel (December 6, 2022). "The World's 100 Most Powerful Women". Forbes. Retrieved May 10, 2023.
  32. ↑ Contreras, Isabel (December 7, 2021). "Most Powerful Women In Finance". Forbes. Retrieved December 31, 2021.
  33. ↑ "Most Powerful Women". Fortune .
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.