Wealthfront announced on Monday that Adam Nash, the CEO since 2013, has stepped down and been replaced by Andy Rachleff, one of the co-founders of the wealth management platform.
Nash will remain at Wealthfront on the board of directors, but will no longer fill an operational role, according to a blog post published by Rachleff. In addition to his role as CEO and co-founder, Rachleff is president of the company.
Rachleff founded Wealthfront with Dan Carroll in 2011. He wrote that since Nash took over as CEO, “our client base grew over 60x, our assets over 45x and we became the top brand in the nascent industry of automated investment services.”
Wealthfront serves 73,700 clients, according to its most recent Form ADV, with $4.3 billion in assets under management.
Rachleff wrote that in 2014, he decided to step out of a hands-on role. “I was an investor after all, not a CEO,” he wrote.
However, he added, “What I didn’t realize at the time is that I’m no longer just an investor, board member or advisor. I am a founder.”
Rachleff wrote that his decision to return to the CEO role is based on his desire to be more involved with the company.