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.