By Kenneth Corbin

Envestnet, a leading financial technology provider to the investment advisor industry, has tapped an outsider as its new permanent CEO.

Chris Todd, most recently CEO of the software company UKG, took the reins at the Berwyn, Pa.-based firm on Tuesday, Envestnet said.

Todd succeeds interim CEO Jim Fox, who took the top spot last spring after co-founder Bill Crager stepped down.

The C-suite shuffle comes shortly after Envestnet sold itself to the private-equity shop Bain Capital, exiting the public market after its share price fell in recent years and it came under fire from activist investor Impactive Capital.

Todd has a deep background in the software industry, having served as president of Massachusetts-based Kronos and then held the same role after the merger with Ultimate Software formed Ultimate Kronos Group, or UKG.

Todd ascended to CEO of UKG in July 2022, a role he held until last August, according to his LinkedIn profile. During his tenure there he oversaw layoffs of 14% of the company's workforce, or about 2,200 jobs.

He previously had stints at the software providers Blackbaud and Solspark and had a turn at the consultancy McKinsey in the late 1990s, according to his profile on the professional networking site. Todd earned a B.A. in history and government from Harvard and a J.D. from Yale.

At Envestnet he will oversee one of the leading players in wealth management technology. Envestnet says it serves more than 111,000 advisors with more than 20 million accounts and $6.5 trillion on its platform.

"I am incredibly impressed by the Envestnet team," Todd says. "The company has established itself as a trusted partner to financial advisors, empowering them with the tools and insights to deliver superior outcomes for their clients."

Todd wasn't immediately available to discuss his specific plans for the company, including whether any reorganization is on the table.

In announcing Todd's hire, Envestnet says that at UKG he "fostered a culture rooted in client focus and accountability to drive top-line growth."

Envestnet Executive Vice President Tom Sipp says Todd's hiring marks an "extraordinary new chapter" for the company.

"Chris' reputation as a strategic leader and culture builder is exactly what we need at this stage of our journey," he says. "Together, we'll focus on advancing innovation, supporting financial advisors, and delivering outstanding client outcomes as we shape the future of wealth management."

Write to advisor.editors@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

January 22, 2025 13:44 ET (18:44 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.