Fidelity Investments Gets New Boss
Abigail Johnson, the daughter of Fidelity Investments CEO Edward C. Johnson III, has been promoted to run almost all of the money management behemoth. The company was founded by her grandfather and she owns a large portion of the stock…
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Abigail may find her job more challenging that her father’s, at least short term. Individual investors, the financial holdings of whom are a backbone of Fidelity sales, have drawn away from most equity investments to those that are safer. Even the mutual fund business has been hurt by this. Much of what Americans earn now goes to pay down debt they loaded on in the decade of the 2000s.
In addition, Reuters points out that Fidelity returns have been less than spectacular, as “Fidelity customers have withdrawn more money than they have added over the past few years.”
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
