UPDATE 1-Fidelity's Abigail Johnson gets new funds board post
* Abigail Johnson to chair fixed-income board: spokeswoman
* Edward Johnson remains chair of equities board
* Latest move could point to possible successor (Recasts, adds background)
By Ross Kerber
BOSTON, June 1 (Reuters) - A daughter of Fidelity Investments' controlling family is replacing her father as chair of one of the company's key mutual funds boards, a spokeswoman said.
The new post gives more influence to Abigail Johnson, 47, viewed as the likely successor to her father, Edward C. Johnson III, 78, to lead the world's largest mutual fund company someday.
Last month Abigail Johnson was elected to chair the board that oversees 161 fixed-income and asset-allocation funds, pending some shareholder approvals, according to the spokeswoman, Anne Crowley. Edward Johnson will remain chair of the board that oversees Fidelity's equity funds, and as chair and chief executive of Fidelity itself.
The change isn't being made for reasons of succession, Crowley said, but rather follows a move two years ago to split oversight of the company's mutual funds between the two boards. Having separate chairs "will enable the boards to focus most effectively," she said.
Still, John Bonnanzio, editor of the independent Fidelity Insight newsletter, said the new post amounts to the latest suggestion "that Fidelity is laying the groundwork for Abigail as the overriding force" at the firm, he said. Continued...
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