Envestnet president Stuart DePina expected to depart

Stuart DePina is expected to step down from his role as president of Envestnet, according to multiple sources familiar with the company.

Speculation on DePina’s future with the company has circulated in the fintech industry since reports surfaced that Envestnet is exploring a sale. While Envestnet has not made a formal announcement, many employees already assume that DePina is on his way out, according to multiple sources who asked for anonymity due to their relationship with the company.

News of DePina leaving was first reported by CityWire and confirmed by InvestmentNews. Envestnet declined to comment.

DePina served as chief executive of Tamarac, a portfolio management software for independent registered investment advisers, in 2012 when it was acquired by Envestnet for $54 million. He continued leading the Tamarac team until 2019, when he succeeded Anil Arora as chief executive of Envestnet Yodlee.

[More: Early days at Tamarac were a far cry from the business Envestnet bought in 2012]

DePina was promoted to president of Envestnet in 2020 when former president Bill Crager was named permanent CEO following founder Jud Bergman’s death in 2019.

The reported leadership change comes amid several other changes at the fintech and investment management company. Lincoln Ross, Envestnet’s former chief of business operations, departed for CircleBlack, while Blake Wood, former director of corporate strategy, left for Luminant.

Envestnet recently announced it's closing its Chicago headquarters and the Tamarac offices in Seattle to support more remote work. The company is planning a new headquarters in Berwyn, Pennsylvania, and will maintain offices in Denver and Raleigh, North Carolina.

Envestnet is also reportedly nearing a deal for a private equity takeover and has narrowed the possibilities to Advent International and Warburg Pincus, according to reports by CityWire and Financial Planning.