Envestnet, a prominent technology provider in the realm of wealth management, has appointed Joshua Warren, a former executive at BlackRock, as its new Chief Financial Officer (CFO), succeeding the longstanding finance head, Peter D’Arrigo.
Key takeaways from Envestnet
- Envestnet has appointed Joshua Warren as its new Chief Financial Officer (CFO). The transition plan involves Warren taking over officially on November 15th.
- Joshua Warren is a former executive at BlackRock.
- He succeeds Peter D’Arrigo, the previous CFO.
- Peter D’Arrigo will become a senior advisor to CEO William Crager until March 31, 2024. Joshua Warren will also serve as a senior advisor to Crager until November 15th.
- Envestnet co-founder William Crager praises Joshua Warren's financial expertise and industry experience.
- Envestnet's stock performance has recently declined by approximately 2% in late-morning trading. Warren aims to improve execution, margins, cash flows, and value delivery for clients and shareholders at Envestnet.
- Warren previously worked as a Managing Director at BlackRock, heading the Global Business Strategy for iShares and index investments.
The company has outlined a phased transition plan, with Warren set to officially assume his new role on November 15th. Subsequently, D’Arrigo will take on the role of a senior advisor to CEO William Crager until March 31, 2024. Warren, in turn, will also serve as a senior advisor to Crager until November 15th.
Crager, one of Envestnet's co-founders, lauds Warren as a valuable addition to the leadership team. He emphasizes Warren's track record of delivering value to shareholders, underlining his formidable combination of financial acumen, analytical rigor, and strategic insight. These qualities are derived from Warren's extensive industry experience and his familiarity with Envestnet's business operations.
Envestnet's stock performance has witnessed a recent downturn, with shares down approximately 2% in late-morning trading, compared to a 1.2% decline in the S&P 500. The stock, which began Tuesday's trading session at $46.64, has retreated from its 52-week high, which stood near $70 earlier this year.
Warren joins Envestnet following his tenure as a Managing Director at BlackRock, where he held the position of Global Head of Business Strategy for iShares and index investments. Prior to this role, Warren served as a Managing Director within the fund giant's Corporate Strategy and Development team.
Expressing his enthusiasm, Warren states, "I am excited and honored by the opportunity to become a part of the Envestnet team. I am looking forward to bolstering our position as market leaders by focusing on swift, scalable, and efficient execution, alongside substantial improvements in margins, cash flows, and value delivery to both clients and shareholders."
Until the recent announcement, Envestnet had enjoyed remarkable stability in its CFO role, with D'Arrigo holding the position since 2008.
Source: Barrons
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