More fuel hit the fire of Fidelity succession plan rumors yesterday, thanks to the latest news on Ned Johnson. Several publications all report that Ned has stepped aside as chairman of the Equity and Income Funds board, which governs 220 Fidelity funds, handing the reins to James Curvey vice chairman of Fidelity parent FMR and retired president of Fidelity.

Those covering the story include:

Bloomberg - "Fidelity’s Johnson Handed Fund Board Duties to Curvey in January";

the Boston Business Journal - "Ned Johnson cedes duties on Fidelity fund boards";

the Boston Globe - "Fidelity boss gives up a title, sets focus on whole firm";

and Reuters - "Fidelity's Ned Johnson gives up fund board post".

Ned already relinquished the fund board chief spot for fixed income and asset allocation (190 funds total) over to scion Abby Johnson in May 2009. Yet a spokeswoman for Fidelity insists that the most recent move, which took effect in January, does not mean Ned is about to retire just yet -- he is still chairman and CEO of Fidelity itself.

"He is actively and fully engaged in running the company and has no plans to retire," she told the Boston Business Journal, which broke the story by noticing that new Fidelity fund shareholder reports are now signed not by Ned but by Curvey as "acting chairman".

"Everyday it [Fidelity] continues to grow and evolve its business line," Crowley told the Globe. "And as such, he wants to have his focus be on those responsibilities."

"It's pretty clear that the transition plan is beginning," countered James Lowell, editor of the Fidelity Investor newsletter. 

Edited by: Neil Anderson, Managing Editor


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