Edward "Ned" Johnson III stepped down from his role as CEO of Fidelity in 2014, after having led the company since 1977. His daughter Abigail Johnson replaced him, becoming the third-generation Johnson to lead the company Edward Johnson II founded in 1946. After a stint in the Army, Ned joined Fidelity as an analyst in 1957. Less than a decade later, he was running the flagship Magellan Fund. When he eventually took over Fidelity in 1977, he tapped buy-what-you-know manager Peter Lynch to run Magellan. He added to the Fidelity empire by expanding into discount brokerage.