Pozen To Leave Fidelity, Johnson To Take Up Reins

May 21, 2001 (PLANSPONSOR.com) - Fidelity Management & Research (FMR) president Bob Pozen has decided to leave the mutual fund giant at the end of the year to pursue other interests. Fidelity named has named Abigail Johnson to replace Pozen as president of FMR, the investment advisor to the Fidelity family of mutual funds, effective June 15, 2001.

Johnson, 39, would have responsibility for all Fidelity portfolio managers, analysts and traders in Boston, become a member of the company’s Operating Committee, and report to Robert Reynolds, vice chairman and chief operating officer.

Johnson, daughter of Fidelity chief executive Edward Johnson III, has widely been viewed as the heir apparent to succeed her father at the helm of the mutual fund giant. She is closely-held Fidelity’s largest shareholder, according to reports.

Pozen, 54, has been FMR’s president for the past four years, and has been with the company for 14. Pozen will continue to be vice chairman of Fidelity Investments, and will work with Edward Johnson on issues of importance to the company through the end of the year. He was recently appointed to President Bush’s commission to study social security reform.

Johnson joined Fidelity full-time in 1988, and served as an analyst and portfolio manager for nine years before being named associate director and senior vice president of the equity division in 1997.