Abigail Johnson Was Demoted Before She Ran Fidelity — Then Nearly Staged a Coup Against Her Own Father, Book Reveals

Radhika Anilkumar Nadig

Mon, August 17, 2026 at 9:00 PM GMT+3 5 min read

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Long before she became CEO of the $13 trillion Fidelity Investments, Abigail Johnson was removed from her job running the firm's mutual fund business, and within months was involved in an attempt to remove her own father, Ned Johnson, from power, according to a new book on the company.

A Sudden Demotion

In an interview with SkyBridge Capital founder Anthony Scaramucci on his podcast "Open Book," Wall Street Journal editor Justin Baer and author of "House of Fidelity," said Johnson was removed from her role running Fidelity's flagship mutual fund business, a demotion that led her to threaten to quit the firm altogether.

Don't Miss:

A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why
Still Learning the Market? These 50 Must-Know Terms Can Help You Catch Up Fast

Baer said the episode had previously surfaced in limited form, with a colleague once describing it as "essentially what looks like a coup attempt" by Johnson against her father, but the fuller account, including what led up to it, had never been reported.

He said untangling her motivations became one of the central challenges of writing the book.

Fidelity is one of the most powerful financial institutions in America, but the story of the family behind it has largely remained hidden. @Justinbaer joins me to reveal how the Johnson dynasty built a $13 trillion empire, and how Abigail Johnson had the courage to reinvent it… pic.twitter.com/zQFbifli0A

— Anthony Scaramucci (@Scaramucci) August 11, 2026

A Coup Thwarted at the Last Minute

According to Baer, Johnson's demotion was followed months later by a boardroom coup attempt against her father, Ned Johnson, who had run Fidelity for decades.

The attempt was thwarted at the last minute, Baer said, though piecing together exactly how it unfolded required interviews with numerous people close to the family.

Ned Johnson Considered Selling Fidelity

While reporting the book, Baer said he learned that Ned Johnson, for the first time in his life, was open to the idea of selling the company outright.

He added that the discovery reshaped his understanding of what was really driving the conflict between father and daughter.

Fidelity's Next Succession Test

Johnson went on to become Fidelity's CEO in 2014, but Baer said it remains too early to determine whether the next generation of Johnsons will eventually take over, adding that taking the company public would represent a major departure from the family's long-standing preference for private ownership, a structure he said has let Fidelity pursue long-term bets without pressure from outside shareholders.

Fidelity was founded by Edward C. Johnson II in 1946 and helped reshape retail investing through the rise of mutual funds and the introduction of 401(k) plans.

The firm now oversees nearly $13 trillion across its customer accounts and investment funds, with roughly one in six Americans holding an account there.

Photo: Piotr Swat via Shutterstock

Read Next: Think you're saving enough for your kids? You might be dangerously off — see why

Building Wealth Across More Than Just the Market

Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry.

Arrived

Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.

Realberry

Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests.

FarmTogether

Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.

Fundrise

Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.

Mode Mobile

Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte's fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.

EquityMultiple

For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process.