< The 2014 Pension 40: The Battle Is On
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Abigail Johnson
Chief Executive Officer
Fidelity Investments
PNR
Abigail Johnson’s ascension to CEO at privately held Fidelity Investments in October ended years of speculation about her father’s plans for the leadership of the $1.98 trillion-in-assets firm. Her father, Edward (Ned) Johnson III, has been CEO since 1977. It’s a good thing succession has finally been settled, because Fidelity plays a major role in pensions, particularly defined contribution plans. The Boston-based firm is the largest 401(k) recordkeeper in the U.S. and a huge player in the 403(b) market, providing Fidelity funds and advice to millions of participants. Of Fidelity’s total assets, $1.2 trillion are earmarked for retirement, some 61 percent of the firm’s managed assets. Although Johnson, 52, has historically kept a low profile, she has a number of major issues to contend with, including Fidelity’s move into actively managed exchange-traded funds, which are increasingly popular in 401(k)s. Johnson became president of Fidelity’s holding company a year ago and headed Fidelity Investments Financial Services beginning in 2012. Before that she had a number of jobs in asset management, including serving as president of the unit. Johnson also managed a number of mutual funds, was a director in the equity division and has overseen technology, including Fidelity’s equities investment systems. Johnson got a taste of the family business in the summer between high school and college: Before attending Hobart and William Smith Colleges, she dealt directly with clients, taking customer orders. After graduating from Harvard Business School in 1988, Johnson formally started at Fidelity as an analyst and portfolio manager.
The 2014 Pension 40
| 1 | 2 | 3 | 4 | 5 |
| Bruce Rauner Illinois | John and Laura Arnold Laura and John Arnold Foundation | Randi Weingarten American Federation of Teachers | Rahm Emanuel Chicago | David Boies Boies, Schiller & Flexner |
| 6 | 7 | 8 | 9 | 10 |
| Randy DeFrehn National Coordinating Committee for Multiemployer Plans | Damon Silvers AFL-CIO | Laurence Fink BlackRock | Chris Christie New Jersey | Robin Diamonte United Technologies Corp. |
| 11 | 12 | 13 | 14 | 15 |
| Ted Eliopoulos California Public Employees’ Retirement System | John Kline Minnesota | J. Mark Iwry U.S. Treasury Department | Gina Raimondo Rhode Island | Phyllis Borzi U.S. Labor Department |
| 16 | 17 | 18 | 19 | 20 |
| Orrin Hatch Utah | Abigail Johnson Fidelity Investments | Ted Wheeler Oregon | Caitlin Long Morgan Stanley | James Hoffa International Brotherhood of Teamsters |
| 21 | 22 | 23 | 24 | 25 |
| Amy Kessler Prudential Financial | Alejandro García Padilla Puerto Rico | Christopher Klein U.S. Bankruptcy Court for the Eastern District of Caifornia | Steven Rhodes Bankruptcy Court for the Eastern District of Michigan | Kevin de León California |
| 26 | 27 | 28 | 29 | 30 |
| David Draine Pew Charitable Trusts | Jordan Marks National Public Pension Coalition | Sam Liccardo California | Joshua Rauh Stanford Graduate School of Business | Karen Ferguson and Karen Friedman Pension Rights Center |
| 31 | 32 | 33 | 34 | 35 |
| Timothy Blake Moody’s Investors Service | Kathleen Kennedy Townsend Center for Retirement Initiatives, Georgetown University | Edward (Ted) Siedle Benchmark Financial Services | Daniel Loeb Third Point | Judy Mares Employee Benefits Security Administration, U.S. Labor Department |
| 36 | 37 | 38 | 39 | 40 |
| Andrew Biggs American Enterprise Institute | Andy Stern Columbia University | Kenneth Mehlman KKR & Co. | Teresa Ghilarducci New School for Social Research | A. Melissa Moye U.S. Treasury Department |
