Envestnet has announced the appointment of Chris Todd as chief executive officer, effective immediately.
He succeeds interim CEO and board chairman Jim Fox, who has held the role since CEO and Envestnet co-founder Bill Crager stepped down in March of 2024.
While Todd is little known in the wealth management industry, he brings executive experience building software platforms for large enterprises. He was most recently CEO of UKG (Ultimate Kronos Group), a privately held technology company focused on workforce management and human resource software with some 12,750 employees.
UKG formed after the merger of Ultimate Software and Kronos in 2022. Todd spent more than two years as president of Kronos Inc. and another two years as president of the current combined firm. Between the two firms, he has spent more than 17 years in senior executive roles.
In his farewell post on LinkedIn, Todd said that when he joined Kronos in 2007, "it was a $600M company, selling on-premise software and timeclocks. Since then, we have built a global SaaS leader that will soon be $5B in annual revenue while providing essential HR and workforce management services to millions of people every day."
Todd has an undergraduate degree from Harvard University and a law degree from Yale Law School. He sits on the board of Applied Systems, a global technology firm that provides software to the insurance industry.
"I can’t wait to see what we all can do to continue on our mission to make financial wellness a reality for everyone," Todd wrote in a LinkedIn post announcing his appointment to Envestnet.
“Chris’ appointment marks an exciting milestone for Envestnet's next chapter. Envestnet has established a leading position within the wealth industry, supported by an incredible executive leadership team. Together with Chris, this team is poised to leverage Envestnet’s capabilities and chart an ambitious path forward,” wrote Phil Loughlin, partner at Bain Capital, in today’s prepared statement.
Bain Capital completed its acquisition of Envestnet in November with the private equity firm paying about $4.5 billion for the business, which was delisted from the NYSE and became a private company again.
Envestnet has more than 20 million accounts, representing $6.5 trillion in assets on its platform and works with a network of more than 111,000 financial advisors.
