Fidelity has promoted Abigail Johnson, president of personal and workplace investing, to president, personal, workplace and institutional services—effectively in charge of all distribution channels, and hired BNY Asset Management President and CEO Ronald P. O’Hanley to head asset management and corporate services.

As the two report to Fidelity Chairman and CEO Edward C. Johnson 3rd, the $1.5 trillion fund giant has apparently set a succession plan for “Ned” Johnson, who turns 80 on June 29.

The 48-year-old Johnson and her father own the company, founded in 1949 by her grandfather, Edward C. Johnson II.

O’Hanley has been with Mellon since 1997, where he has also served as vice chairman of Mellon Financial. Replacing O’Hanley at BNY Mellon on an interim basis are Jonathan Little, vice chair, and Mitchell Harris, head of the currency and bond unit in the asset management division.