Abigail Johnson CEO.

• Position: Business

Abigail Johnson CEO

NEW YORK -- Fidelity Investments named Abigail Johnson chief executive of the financial services company, the third CEO of the company founded by her grandfather.

Johnson, 52, is replacing her father, 84-year-old Edward Johnson, who has been CEO of Fidelity since 1977. He will stay on as chairman of the company's board.

The changes were announced Monday in a memo to Fidelity shareholders.

Fidelity in one of the world's biggest investors, managing 401(k)s and other retirement and investment accounts for 23 million people, according to the company's website. Its 401(k) plans are used by 193 of Fortune 500 companies. At the end of last year, it was managing 566 mutual funds. The company has $2 trillion assets under management.

Abigail Johnson has worked at the Boston company since 1988, starting out as a stock analyst. Most recently she was president of Fidelity's retail, workplace and institutional businesses. She is among the nation's wealthiest women, worth an estimated $12.3 billion, according to Forbes.

Johnson takes over Fidelity at a challenging time for the fund giant. Investors are increasingly turning to low-cost index funds, a specialty of rival Vanguard Group. And Fidelity has been playing catch-up in another low-cost option popular with investors, exchange-traded funds, which can be bought and sold during the day.

Ignition deaths at 27

DETROIT -- At least 27 people have died and 25 people have been seriously injured in crashes involving General Motors cars with defective ignition switches.

Attorney Kenneth Feinberg, who was hired by GM to compensate victims, updated the totals Monday.

Feinberg says he has received 178 death claims since August. Of those, 27 have been deemed eligible for compensation payments.

Twenty-five of the 1,193 injury claimants have also received compensation offers.

Feinberg has made 31 settlement offers, and 21 have been accepted thus far. None of the offers has been rejected, said Camille Biros, deputy administrator of the fund for Feinberg's firm.

GM knew about faulty ignition switches in Chevrolet Cobalts and other small cars for more than a decade but didn't recall them until February of this year. The switches can slip out of the ''on'' position, which causes the cars to stall, knocks out power steering and turns off the air bags.

Feinberg will accept claims until Dec. 31.

Jeep plant talks

TOLEDO, Ohio -- Toledo's mayor isn't about to pick a fight with Fiat Chrysler Automobiles...