Envestnet announced Monday that its CEO, Bill Crager, will be stepping down from his role starting March 31.
Crager will continue working at Envestnet as a senior advisor beginning in April 2024, and will focus on client and partner relationships. Board Chair James L. Fox will serve as interim CEO starting April 1, while Tom Sipp, executive vice president of Envestnet, will lead the company’s business line and partner closely with both Crager and Fox, Envestnet stated in a press release.
Crager co-founded the financial planning company alongside Judson Bergman in 1999. He was named interim CEO after Bergman passed away in a car accident in 2019 and was appointed ongoing CEO in March 2020.
“For more than 24 years, it has been my privilege and honor to work with Envestnet, creating an industry leader…” Crager said in a statement. “Starting in April, I will have the time and opportunity to focus on what I have always loved doing – growing Envestnet’s relationships and empowering our clients to provide holistic financial advice and solutions. This transition gives me a front-row seat for our next chapter and I look forward to continuing our journey.”
Envestnet’s Board of Directors will commence its search for a successor, and will consider both internal and external candidates, with assistance from an independent executive search firm, the company added.
“Bill also built a strong and experienced management team and we’re confident in their ability to continue to execute our strategy,” added Fox in a statement. “On behalf of the Board and the entire company, we want to thank Bill for all he has done for Envestnet as CEO and his continuing partnership.”
Today, Envestnet holds $5.4 trillion in client assets and serves over 107,000 financial advisors.
Envestnet expects its fourth quarter 2023 revenue to come in between $309 to $314 million, for a full year 2023 total of $1,237 to $1,242 million.
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