Edward Johnson III

Edward Johnson III
Born (1930-06-29) June 29, 1930
Residence Boston, Massachusetts, U.S.
Nationality American
Education Milton Academy and Tabor Academy
Alma mater Harvard College
Occupation Chairman Emeritus, Fidelity Investments
Net worth $7.5 billion(February 2016)[1]
Children Abigail Johnson, Elizabeth L. Johnson, Edward Johnson IV
Parent(s) Edward C. Johnson II

Edward Crosby "Ned" Johnson III (born June 29, 1930) is an American investor and businessman who, along with daughter Abigail Johnson, owns and runs Fidelity Investments and Fidelity International. He currently resides in Boston.[2]

Education and career

Johnson attended prep school at Milton Academy before transferring to Tabor Academy and graduating with a Bachelor's degree from Harvard College in 1954. After a stint in the US Army, he became a research analyst at Fidelity Investments in 1957, a company founded by his father Edward C. Johnson II in 1949. He later became the portfolio manager for the Fidelity Trend Fund in 1960 and ran the famous Fidelity Magellan Fund from 1963 to 1977. He then became president of the company in 1972 and Chairman and CEO in 1977.

Johnson was the first to begin the practice of permitting check writing on money market funds. He was also the first to sell discount brokerage services to banks, insurance companies and consumers. He supported and invested in automation of brokerage sales and operations.

In a November 21, 2016 memo to Fidelity employees, Johnson announced he would retire in December and turn over the Chairmanship to his daughter Abigail. Although he will no longer be a member of the Board of Directors at Fidelity, Johnson plans to “maintain office hours . . . and continue to consult periodically with Abby.”[3]

Society memberships, awards and honors

Johnson is a fellow of the American Academy of Arts and Sciences, a trustee of the Beth Israel Hospital and the Boston Museum of Fine Arts and a member of the Boston Society of Security Analysts.

He holds honorary doctorates from Boston University, Bentley College and the Hobart and William Smith Colleges. He is an Honorary Fellow of London Business School.

Wealth and philanthropy

With an estimated current net worth of around $9.3 billion, he is ranked by Forbes as the 43rd richest person in America.[1]

In 1965, the US–based Fidelity Foundation was founded by Edward C. Johnson III and his father.[4] The Edward C. Johnson Fund, a $334 million charitable fund,[5] contributes to institutions in the Boston area and beyond.[6]

Family

His wife is Elizabeth B. "Lillie" Johnson, a trustee of the Museum of Fine Arts[5] and Winterthur Museum.

His daughter Abigail has taken over the role of CEO of Fidelity Investments and Chairman of Fidelity International in 2014. As of 2012, Abigail owned up to 24% of the shares in Fidelity, had a net worth of $10.3 billion and was ranked 29th on the Forbes 400 rich list.[7]

His other daughter is Elizabeth L. Johnson.

His son, Edward Johnson IV, is president of family-owned Pembroke Real Estate. The firm manages 6.5 million square feet of office and residential real estate, including the Boston Seaport.[8]

References

  1. 1 2 "Edward Johnson III". Forbes. Retrieved January 3, 2015.
  2. ↑ "Forbes". Retrieved 28 December 2016.
  3. ↑ Healy, Beth (November 21, 2016). "‘Ned’ Johnson stepping down as Fidelity chairman". The Boston Globe. Retrieved 26 December 2016.
  4. ↑ "Fidelity Foundation overview" (PDF). Fidelity Foundation. p. 1. Retrieved September 4, 2012.
  5. 1 2 Beth Healy, "Abigail Johnson, after years of training, gets to put her stamp on Fidelity", The Boston Globe, December 5, 2014. Retrieved August 6, 2015.
  6. ↑ "Edward C. Johnson Fund: Grants for Visual Arts", Inside Philanthropy, September 26, 2014. Retrieved August 6, 2015.
  7. ↑ "Forbes 400: Abigail Johnson". Forbes. March 2012. Retrieved September 4, 2012.
  8. ↑ "Edward C. Johnson Fund: Grants for Conservation", Inside Philanthropy, May 10, 2015. Retrieved August 6, 2015.


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