Envestnet has appointed Chris Todd as its new CEO.
Todd, who most recently was CEO of software provider Ultimate Kronos Group, replaces interim CEO Jim Fox a little more than a year after Bill Crager announced his decision to step down from leadership of the wealth management technology provider.
“Chris' appointment marks an exciting milestone for Envestnet's next chapter,” Phil Loughlin, a partner at Bain Capital, said in a statement. “Envestnet has established a leading position within the wealth industry, supported by an incredible executive leadership team. Together with Chris, this team is poised to leverage Envestnet's capabilities and chart an ambitious path forward.”
In recent discussions with ThinkAdvisor, Envestnet executives have said that Bain, the private equity firm, is not focused on cuts but on helping the firm expand its position. Some observers, however, have painted the deal as a sign of Envestnet's recent struggles to fully integrate its many acquired business lines.
“Chris’ reputation as a strategic leader and culture builder is exactly what we need at this stage of our journey,” added Tom Sipp, executive vice president for Envestnet. “Together, we'll focus on advancing innovation, supporting financial advisors and delivering outstanding client outcomes as we shape the future of wealth management.”
Todd cited Envestnet’s position as a “trusted partner to financial advisors” as a key driver of his decision to take on the leadership role, describing the firm as “a testament to [the late] Jud Bergman and Bill Crager’s dedication, passion and forward-thinking vision.”
As of mid January, Envestnet supported more than $6.5 trillion in platform assets, over 20 million accounts and a network of more than 111,000 financial advisors.
Pictured: Chris Todd
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