Envestnet CEO Bill Crager is stepping down from his post, effective March 31, the company announced Monday.
Crager, who co-founded the company with Jud Bergman in 1999, will transition to the role of senior advisor beginning in April, focusing on client and partner relationships and key strategic initiatives.
Board chairman James L. Fox will serve as interim CEO until a successor is in place. Executive Vice President Tom Sipp will continue to lead Envestnet's business lines, according to the company, which is hiring an independent executive search firm to find Crager's replacement.
That person could be an internal or external candidate.
"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. "We now serve more assets, more financial advisors, and more accounts than anyone in the marketplace. Together, we have built a more integrated, cohesive organization with a connected operating platform that provides a gateway to the future for the industry."
Under Crager, Envestnet has grown to oversee $5.4 trillion in client assets on its platform and more than 107,000 advisors served via its business units focused on trading, risk analysis, direct indexing, tax management, data aggregation and enrichment, client prospecting and estate planning.
Since Crager took over following Bergman's death in 2019, the company has weathered a number of obstacles, including disputes with activist shareholder Impactive Capital, which acquired a 7.5% stake in the company and two board seats in 2022, and layoffs toward the end of 2023. It recently announced it was pushing out its planned foray into the custodian business until later this year.