Edward C. Johnson III, 91, dies; Made Fidelity an investment giant

Mr. Tsai sold his stake in Fidelity and moved to New York, where he established the Manhattan Fund and became a billionaire corporate financier. He died in 2008.

For decades, Fidelity has been the subject of intense speculation over who Mr Johnson would appoint as his successor. After holding various senior positions within the company and for a time becoming its largest shareholder, his daughter Abigail was appointed chief executive in 2014. On his death, Mr Johnson’s title was chairman skilled.

Last year, Forbes magazine class Abigail Johnson and her father are the 27th and 60th richest people in the world, with assets totaling $36.7 billion.

His only son, Edward IV, is President of Pembroke, a real estate company affiliated with Fidelity, and his other daughter, Elizabeth, are not involved in the family business. Besides his children, Mr. Johnson is survived by his wife, Elizabeth (Hodges) Johnson, whom he married in 1960, and seven grandchildren.

In 2007, in a rare interview, Johnson spoke to Institutional Investor magazine about running private companies. He said that while strangers can be given important roles, family members must play an important role in ensuring stability “and a philosophy or a culture continues to do things a certain way”.

A major element of Mr Johnson’s management style was his embrace of kaizen, a Japanese strategy involving constant incremental improvement he learned from a book he found in a Tokyo hotel gift shop. He hired the author to lecture to Fidelity executives, made a video on kaizen for new hires, and wrote the foreword to another kaizen book, which included Fidelity as a case study.

Observers have often suggested that Mr. Johnson’s dedication to kaizen could explain frequent personnel changes at Fidelity, including Mr. Johnson’s removal of his daughter Abigail as head of the mutual funds division, which was suffering. poor performance in 2005.

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