Envestnet has just snapped a months-long spell of uncertainty in its leadership by revealing its new chief executive officer.
On Monday, the firm announced the appointment of Chris Todd as its new CEO, immediately succeeding interim CEO Jim Fox.
The leadership change comes as the company looks to advance its position in the financial technology space and expand its offerings to wealth managers, RIAs, and broker-dealers.
Todd’s appointment represents a pivotal moment for Envestnet, which has served the wealth management industry for 25 years, partnering with some of the largest financial institutions and RIAs in the US.
Envestnet’s platform currently supports more than $6.5 trillion in assets, 20 million accounts, and a network of over 111,000 financial advisors.
The company’s leadership transition follows its $4.5 billion acquisition by led Bain Capital and Reverence Capital Partners.
“Chris’ appointment marks an exciting milestone for Envestnet's next chapter,” Phil Loughlin, partner at Bain Capital, said on Monday. “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.”
Todd previously served as CEO of UKG (Ultimate Kronos Group), a large privately held software company, where he focused on driving growth and fostering a client-centric culture. According to his LinkedIn profile, he left the company last summer after a nearly 18-year tenure of employment, including more than 14 years during which it operated as Kronos Incorporated.
His background includes developing scalable solutions for complex organizations, a skill set Envestnet hopes to harness as it seeks to enhance its technology-driven wealth management solutions.
Milton Berlinski, managing partner of Reverence Capital Partners, noted, “Chris’ experience fostering innovation and building high-performing teams will advance Envestnet's ability to empower wealth management firms in delivering scalable, technology-driven solutions for their advisors and clients.”
In a statement praising the company's leadership, including its founders Jud Bergman and Bill Crager – Crager stepped down from the CEO role in March last year – Todd expressed enthusiasm for his new role.
“I am incredibly impressed by the Envestnet team. The company has established itself as a trusted partner to financial advisors, empowering them with the tools and insights to deliver superior outcomes for their clients,” he said.
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