A month after going private in a $4.5 billion sale to Bain Capital, Berwyn-based Envestnet has named Chris Todd as its new CEO, writes Jeff Blumenthal for the Philadelphia Business Journal.
Todd, who started his new role on Tuesday, succeeds interim CEO Jim Fox, who assumed the role after co-founder Bill Crager stepped down in March.
Todd, a graduate of Harvard University and Yale Law School, was previously CEO of Ultimate Kronos Group, a Massachusetts staffing software provider. He stepped down from his position in August 2024, a month after the company cut around 2,200 employees.
Before that, he was president of Kronos, which merged with Ultimate Software five years ago.
In April 2022, Envestnet moved its headquarters from Chicago to Berwyn, becoming another key player in the turnkey asset management platform space in the Philadelphia region. The company supported over $6.5 trillion in platform assets, more than 20 million accounts, and a network comprising of more than 111,000 financial advisors.
Envestnet reported a net loss of $80.9 million in 2022 and $238.7 million in 2023.
Read more about Envestnet getting a new CEO in Chris Todd in the Philadelphia Business Journal.
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