- After about four and a half years in the position
- Praise and thanks for Crager
- James Fox taking over temporarily
- Search for a successor
- Crager said 112 words
(exechange) — Berwyn, Pennsylvania, January 8, 2024 — Bill Crager, chief executive of Envestnet, leaves his position. As announced by Envestnet Inc. in a news release and in a regulatory filing published on Monday, January 8, 2024, William (Bill) Crager leaves his post as chief executive officer at the financial technology corporation, after about four and a half years in the role, effective March 31, 2024.
Envestnet will undertake a search for a successor.
Bill Crager’s duties as CEO will be taken over temporarily by James L. Fox, most recently Board Chair at Envestnet Inc., as interim Chief Executive Officer.
“Focus on what I have always loved doing”
Envestnet did not give an explicit reason for Bill Crager’s departure from the CEO post. Crager stated: “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.”
Precise information regarding Bill Crager’s future plans was not immediately available.
“Transition/step down”
Envestnet said: “Bill Crager has made the decision to transition from the role of CEO effective March 31, 2024.”
Envestnet further said: “Mr. Crager will step down as chief executive officer of Envestnet and each of its subsidiaries on March 31, 2024. In addition, promptly following Envestnet’s 2024 Annual Meeting, Mr. Crager will step down as a member of Envestnet’s Board.”
“Not related to any disagreement”
Envestnet stated, regarding the change: “Mr. Crager’s decision to step down as a member of Envestnet’s Board is not related to any disagreement with Envestnet or with Envestnet’s operations, policies, or practices.”
Share price decline since January 2021
The announcement follows a decline in Envestnet Inc.’s share price of 40% since January 2021.
In the position of CEO since 2019
Bill Crager became CEO of the Company in 2019.
Beginning April 2024, Crager will continue with Envestnet as a Senior Advisor, focusing on client and partner relationships, leaning in on key strategic initiatives, and continuing to be a visionary voice for the financial services industry.
Crager serves as the Company’s Chief Executive Officer and has served as a member of the Company’s Board since March 2020.
Previously, Crager served as the Company’s Interim Chief Executive Officer between October 2019 and March 2020, Chief Executive of Envestnet Wealth Solutions since January 2019, and President of Envestnet since 2002.
Prior to joining the Company, Crager served as Managing Director of Marketing and Client Services at Rittenhouse Financial Services, Inc., an investment management firm affiliated with Nuveen Investments.
Crager received a B.A. from Fairfield University where he majored in economics and now serves on the Fairfield Board of Trustees.
112 words by Bill Crager
In the release announcing his departure as CEO of Envestnet Inc., Bill Crager received praise and thanks.
In announcing his departure, Bill Crager said 112 words.
“Front-row seat”
Bill Crager stated: “For more than 24 years, it has been my privilege and honor to work with Envestnet, creating an industry leader. 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. 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.”
Push-out Score for Bill Crager’s move determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Bill Crager’s move on a scale of 0 to 10.
Read the full story in the exechange report 3.2024 ($).