Tech provider Envestnet says it is restructuring management with Envestnet Yodlee CEO Anil Arora set to step down from this role on Feb. 28, though he will stay on the company’s board.
“Leading Envestnet Yodlee has been the most compelling professional adventure I have ever undertaken,” according to Arora. “It has been a privilege to work on behalf of our customers and I would like to thank them, our board and … my colleagues for their support and partnership over the years.”
Arora joined Yodlee in 2000 from the computer maker Gateway, and led the firm through its initial public offering in 2014 and Envestnet’s purchase of it in late 2015. Since then, Yodlee’s revenue “nearly doubled while profitability increased more than five-fold,” according to Envestnet. (Prior to work at Gateway, Arora worked at Pillsbury and Kraft Foods.)
“Anil has been instrumental in laying the foundation for our success. We are grateful … for his leadership, and we understand and appreciate his decision to pursue the next chapter of his career,” said Envestnet Chairman and CEO Jud Bergman, in a statement.
Envestnet Wealth Solutions, led by CEO Bill Crager, will “focus on innovation and market growth of the company’s wealth management solutions” for RIAs, independent broker-dealers, banks and other financial institutions, the company says. Crager now leads the firm’s Enterprise business.
“We are integrating our broad range of technologies, services, investment products and data analytics into one wealth management organization,” said Crager in a statement. “This will give our clients easier access and deeper integration to our solutions, saving them time, improving their operational efficiency and freeing them up to build stronger client relationships.”
Priorities for Envestnet Data & Analytics, headed by CEO Stuart DePina, remain data aggregation, enterprise data management and analytics offerings for wealth management, financial institution and fintech clients. (The firm’s data aggregation and personal financial management technologies are sold via the Envestnet Yodlee platform.)
“I’m looking forward to leading the Data & Analytics business as we improve the financial lives of millions of Americans,” DePina explained in a statement. “I also am confident that Tamarac customers will be well-served by Bill’s leadership and our ongoing innovation in wealth technology and data solutions going forward.”
DePina has led Tamarac since 2007.