Stuart DePina is relinquishing the role of Envestnet president as the company undergoes a reorganization to streamline its operations.
The Chicago-based tech firm and turnkey program announced a series of organizational changes this week with the goal of growth and simplification. Going forward, the organization will restructure into three business lines: Envestnet Solutions, Envestnet Data and Analytics, and Envestnet WealthTech.
Officials say Envestnet’s new business lines set the company up to deliver on CEO Bill Crager’s vision of the “intelligent financial life.” Over the past two decades, the firm has developed an ecosystem to provide its clients with the technology, data and solutions needed to thrive.
But with that growth, Envestnet outgrew its structure and has established this new framework to create a structure that is scalable for the organization’s anticipated growth over the next 10 years, according to the company.
In regards to DePina, officials said he made the decision to step down at the end of June and will remain an advisor to Envestnet. Since joining the company 10 years ago, DePina has led Envestnet’s Tamarac and data and analytics businesses, as well as served as the company’s president since 2019.
“Stuart and I have been partners for over 10 years, and he has been instrumental in how we have grown over those years — and importantly, how we have brought the company more closely together over these last two years,” Crager said in a statement. “We have been working to put in place an organization that will drive Envestnet forward, and Stuart has been key in making today’s announcements possible.
“His impact will continue to be felt by our customers and shareholders for years to come, and I am so pleased he has agreed to continue on this journey with us as an advisor.”
Dana D’Auria has been named group president and co-chief investment officer of Envestnet Solutions. This business line provides the wealth and asset management solutions across Envestnet’s ecosystem, including research, overlay, portfolio management, direct indexing, sustainable investing and retirement services.
Envestnet Data and Analytics, led by group president Farouk Ferchichi, “brings together the combined capabilities of Envestnet | Yodlee, Envestnet Analytics, Envestnet Abe.ai and more to serve as the foundation by which Envestnet creates and deploys personalized and actionable insights and intelligence for its business lines and segments,” the company said.
Tony Leal has been named group president of Envestnet WealthTech, which comprises the wealth technology solutions and platforms that service Envestnet’s advisory segments; and Tom Sipp will serve as Envestnet’s executive vice president of business lines and will provide leadership that will bring the efforts of all three segments together, officials said.
“This new structure marks a pivotal moment for Envestnet and sets the direction and pace of our company for the next decade of growth,” Crager said in a statement. “Aligning our business lines in this way allows us to better innovate and integrate our data intelligence, technology, and solutions for customers, and execute on strategies that align with our vision to provide as many people as possible with the benefit of the intelligent financial life.”
Scroll down to get caught up on other recent fintech news you might have missed in our Wealthtech Weekly recap. And check out last week’s recap here.