BERWYN, PA — Bill Crager, the long-standing CEO of financial technology firm Envestnet, Inc. (NYSE: ENV), has announced he will step down from his role effective March 31, 2024. Crager, who has been at the helm of the company for over two decades, will transition into a Senior Advisor role, focusing on strategic initiatives and nurturing client and partner relationships.
Crager’s tenure as CEO has seen Envestnet grow into an industry leader, serving more assets, financial advisors, and accounts than any other player in the market. The firm now boasts $5.4 trillion in client assets and serves over 107,000 advisors. Crager’s leadership has been instrumental in Envestnet’s success, earning him spots on Investment News’ 2023 Hot List and the IA25 by readers of Think Advisor and Investment Advisor magazines in 2020.
The change in leadership brings a new focus to Envestnet’s future. Tom Sipp, Executive Vice President, will continue to lead Envestnet’s business lines alongside Crager and Board Chair James L. Fox, who will serve as interim CEO from April 1, 2024, until a successor is appointed. The Board of Directors has launched a search for a new CEO, considering both internal and external candidates, with assistance from an independent executive search firm.
This transition could have significant implications for investors. Under Crager’s stewardship, Envestnet has consistently delivered strong performance, providing a solid foundation for future growth. As Crager transitions into a Senior Advisor role, his continued involvement ensures that the firm maintains its strategic direction and focus on client excellence and service. Moreover, the appointment of a new CEO could bring fresh ideas and perspectives to the table, potentially driving further innovation and growth.
The company reaffirmed its fourth quarter and full year 2023 guidance, projecting Q4 2023 revenue to be between $309 – $314 million and adjusted EBITDA between $64.5 – $68.5 million. For the full year 2023, Envestnet expects revenue to be between $1,237-$1,242 million and adjusted EBITDA to be between $245-$249 million.
As Envestnet enters a new era under different leadership, investors will be watching closely to see how the firm navigates this transition and continues to innovate in the rapidly evolving fintech landscape.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.