The appointments are due to take effect from February 11 next year.

Investment management firm Franklin Resources has appointed Jennifer M Johnson as president and chief executive officer, taking over from CEO Gregory E Johnson. Johnson will become executive chairman, and will remain  as chairman of the board.

Both appointments will take effect at the company's annual stockholders' meeting on February 11, 2020.

Prior to this, Johnson was president and chief operating officer. Over the past three decades, she has run major aspects of the business, including investment management, global distribution, customer service, fund administration, global technology, and the company's high net worth business. She joined the firm in 1988 and has served in numerous roles, including chief information officer.

Franklin Resources, operating in over 30 countries, is based in California and oversaw more than $693 billion in assets under management as of October 31.