Corporate Roundup: Morningstar Names CFO, Ellevest CEO Steps Down
This week, Morningstar taps in a new CFO, Ellevest CEO Sallie Krawcheck steps down for health reasons, IRALOGIX names an upcoming president, and more.
Morningstar Names CFO
Morningstar, Inc. has appointed Michael Holt as chief financial officer, effective January 1, 2025. The company previously announced that Jason Dubinsky would step down at the end of the year and assume a consulting role through a transition period.
Reporting to chief executive officer Kunal Kapoor, Holt will lead and oversee Morningstar’s global finance organization. He has served as Morningstar’s chief strategy officer for the past seven years and, in 2023, was also named president of the Research and Investments group, overseeing the 400-person team responsible for Morningstar’s equity and managed investment analysis and ratings as well as portfolio construction for the company’s investment management capabilities.
“Mike is a proven strategist, analyst, and leader of high-performing teams,” Kapoor said. “Mike intensely focuses on value creation and draws a direct line from strategy to outcomes and financial accountability. His extensive operational knowledge of our firm and ability to partner across the business to support continued durable growth make him the right fit for our next CFO.”
Holt first joined Morningstar in 2008 as an equity analyst. He led the global equity research team from 2014 to 2018 before he assumed the corporate strategy position.
“Morningstar is a great firm with a clear strategy, widening moat, and a unique culture rooted in empowering investor success,” Holt said. “We have a bright future, and I look forward to collaborating with our executive team and Board of Directors as we work to propel continued growth and value creation.”
Holt will continue to be based in the company’s Chicago headquarters. He holds the Chartered Financial Analyst designation, a master’s degree in business administration from the University of Chicago Booth School of Business, and a bachelor’s degree in business from Indiana University.
Ellevest CEO Steps Down
Wall Street veteran and Ellevest CEO Sallie Krawcheck announced on Tuesday that she would be stepping down from her role following a health diagnosis.
“As they say, you can have 1,000 problems in your life until you have a health problem. And then you only have one problem,” Krawcheck, wrote in her announcement on the Ellevest website. “So I need to do this for myself and my family.”
Sylvia Kwan, the firm’s chief investment officer, and Connie Hsiung, the current chief operations officer and chief financial officer, will step in as co-CEOs. Krawcheck will stay on as a member of Ellevest’s board of directors.
Krawcheck, a pioneering Wall Street executive, began her career as an equity analyst at boutique firm Sanford C. Bernstein & Co., eventually leading the company. Krawcheck also served C-suite level roles at Citigroup’s Smith Barney unit and Bank of America.
She founded and launched Ellevest, a registered investment advisor (RIA) firm that caters to women, in 2016. Today, Ellevest manages $2.4 billion in investment assets.
IRALOGIX Appoints New President
Retirement industry fintech provider IRALOGIX has named Pete Littlejohn as president of the company, effective immediately.
“Since joining IRALOGIX, I have come to highly value Pete’s exceptional judgment, insightful perspectives, and extensive expertise in the retirement marketplace,” said Peter de Silva, CEO of IRALOGIX. “Pete is not only a trusted partner but also an extraordinary leader who commands respect and admiration both within our organization and across the financial services industry. His unwavering commitment to serving our partners, account holders, and associates perfectly aligns with our mission, and I am thrilled to continue working alongside him in his new position as we bring our vision of limitless financial opportunities to life.”
As president and one of IRALOGIX’s co-founders, Littlejohn will lead the company’s sales and relationship management teams.
“Witnessing the growth of IRALOGIX since the days of its founding has been an incredible journey,” said Littlejohn. “I’m honored to step into this role and to continue building on our momentum as we transform the IRA marketplace. I look forward to collaborating with our exceptional team, partners, and clients to drive innovation, deliver unparalleled value, and advance our mission of making retirement a viable option for all.”
Corebridge Updates Board of Directors
Corebridge Financial, Inc. announced updates to its board of directors.
Peter Zaffino, chairman and chief executive officer of American International Group, Inc. (AIG), will step down as chairman of the board of Corebridge Financial after serving in this role since November 2021.
Alan Colberg has been elected to succeed Zaffino as chair of the board of directors. Colberg has served on the Corebridge Financial board of directors since September 2022 and was appointed lead independent director earlier this year. Colberg previously served as the chief executive officer and director of Assurant, Inc. from January 2015 until his retirement in January 2022.
In addition, Jon Gray, president and chief operating officer of Blackstone Inc., will step down as a member of Corebridge Financial’s board. Gilles Dellaert, global head of Blackstone Credit and Insurance (BXCI) has been appointed to the board. Prior to his current role, Dellaert served as the global head of Blackstone Insurance Solutions.
Following Nippon Life Insurance Company’s acquisition of a 21.6% equity interest in Corebridge Financial from AIG, which closed on December 9, 2024, Minoru Kimura has been elected to Corebridge Financial’s board. Kimura currently serves as managing executive officer and head of Global Business at Nippon Life Insurance Company. In this role he oversees the management of all Nippon Life businesses outside of Japan.
“We welcome our newest Board members Minoru Kimura and Gilles Dellaert,” said Colberg. “Since its IPO, Corebridge has executed against its strategy, delivered strong financial performance and generated substantial value for shareholders. The company has built a strong foundation and remains well positioned to continue delivering for its customers, distribution partners and employees.”
AIG executives Sabra Purtill and Mia Tarpey are also stepping down from the Corebridge Financial Board. With these changes, the Corebridge Financial Board of Directors will consist of 11 members.
FSG Appoints Biz Dev Head
Fiduciary Services Group Family of Companies (FSG), the parent company of PCS Retirement, Advisor Trust, Aspire, DWC, and others, has appointed Christian Fulmino as head of business development.
Fulmino has over 20 years of experience in both private equity-owned and publicly traded companies. He holds a master’s degree from Cornell University and contributes to industry groups such as the Transaction Advisors Institute.
Scott David, CEO of FSG, shared, “We are thrilled to welcome Christian to our executive leadership team. His unparalleled expertise in corporate development and M&A will be instrumental in driving our strategic vision forward. At FSG, we remain deeply committed to expanding our capabilities and footprint through thoughtful and impactful M&A opportunities. Christian’s leadership will be critical to ensuring our continued success.”
Fulmino will lead the company’s M&A strategy, driving growth for clients and stakeholders.
“FSG’s commitment to innovation and strategic development aligns perfectly with my professional experience and passion for fostering growth,” Fulmino said. “I am honored to join a company that prioritizes both client success and industry leadership, and I look forward to building on their strong foundation to drive meaningful results.”
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