“Abigail P. Johnson, 39, whose grandfather founded the Fidelity Investments mutual fund empire, was named president of the division that oversees all Fidelity funds yesterday,” writes Danny Hakim in today’s New York Times.

“The appointment will make Ms. Johnson one of the world’s top female executives and reinforces long-held speculation that she will one day succeed her father, Edward C. Johnson III, as chairman and chief executive of the FMR Corporation, Fidelity’s corporate parent.”

“Fidelity oversees more than $1 trillion worldwide for tens of millions of shareholders and is the nation’s largest mutual fund manager.”

” ‘I’ll have my own mark that I’ll leave on things, for sure,’ Ms. Johnson said yesterday, during a news conference to make the announcement. Previously, Ms. Johnson’s own reticence to succeed her father appeared to be the only hindrance to her rise. In 1998, Ms. Johnson, now the mother of two preteenage daughters, said, ‘I care about some balance and normalcy in my life.’ “

“Yesterday, however, she said she was ready to take one of the firm’s highest profile roles. Though her 70-year-old father is said to have no interest in retiring, Ms. Johnson took what many see as her last step before someday succeeding him.”

“Ms. Johnson, who joined Fidelity in 1988 after graduating from Harvard Business School, served as an analyst and a manager of six mutual funds before becoming an executive in the company’s fund division in 1997. She oversees several of the firm’s growth funds as well as the fund group’s technology initiatives.”

“She is also the largest holder of the privately held Fidelity’s stock, owning about 24 percent of the company.”

“A recent estimate by Forbes magazine put Ms. Johnson’s net worth at $10 billion, making her the nation’s fourth-richest woman. Her husband, Christopher McKown, is the president and co- founder of the Health Dialog Services Corporation, a provider of health information to consumers.”

“Ms. Johnson will replace Robert C. Pozen, 54, on June 15 as president of Fidelity Management and Research, Fidelity’s fund division. In four years on the job, Mr. Pozen recast Fidelity’s fund unit, struggling in 1996 from withdrawals and poor performance, into one defined by a breadth of styles, increased international operations and closely managed risk. During his tenure, the firms’ mutual fund assets grew from more than $500 billion to more than $900 billion. Last year, the FMR Corporation had revenue of $11.1 billion, up 25 percent from 1999.”