Franklin Templeton chief operating officer Jennifer Johnson has replaced her brother, Gregory, as chief executive of the $693bn global asset manager.
Johnson’s promotion will be effective from 11 February 2020, when the company AGM takes place. Gregory will become executive chairman at the same time. He is already chairman of the board of directors.
Johnson (pictured) joined the family-controlled business in 1988. She has worked across business divisions, including investment management, global distribution, customer service, fund administration, global technology, and the high-net-worth business.
A press release announcing her appointment highlighted her role in the development of Franklin Templeton’s ETF business and the launch of active, passive and smart beta ETFs globally. It also mentioned she had helped build out data science capabilities and fintech initiatives.
Johnson will be responsible for the operation of all aspects of the business, while her brother will represent the company with key stakeholders, consult on significant decisions, such as M&A, and advise on the strategic direction of the firm.
He said his sister’s appointment was a “natural evolution of her current role and recognises both her strong track record and our confidence in her ability to lead the firm strategically into the future”. “She has a thoughtful perspective and innovative spirit that few can match.”
Rupert Johnson founded Franklin Templeton in 1947 and his son, Charles, took over as CEO a decade later. Rupert Johnson Jr, Charles brother, joined the company in 1965.
Jennifer and Gregory Johnson are the children of Charles and therefore the third generation to lead the business. Their brother, also called Charles, is on the board too.
The family, not to be confused with the Johnson family behind Fidelity Investments, is worth $13.4bn, according to Forbes. They own 44% of outstanding Franklin Templeton shares.
The family behind Fidelity Investments, of which Abigail Johnson is the third-generation CEO, is worth $28.5bn, according to Forbes. In 2016, Johnson became chairwoman of Fidelity International.
Fidelity Investments was founded in 1946 in Boston, where it remains headquartered, whereas Franklin Templeton started out as a retail broker on Wall St but is now headquartered from California.
