Envestnet, Inc. today announced that Bill Crager will step down as CEO, effective March 31, according to a news release this morning.

Crager, who co-founded the financial technology firm with Jud Bergman in 1999, will transition to the role of senior advisor beginning in April. He will focus on client and partner relationships , “leaning in on key strategic initiatives, and continuing to be a visionary voice for the financial services industry,” the announcement said.

Crager has been serving as the company’s CEO since Bergmann died in a car accident in October 2019.

The release noted that Crager and Bergman “were among the first in the managed solutions industry to streamline independent advisors’ practices by offering a broad range of fee-based products side-by-side within an easily accessible, open-architecture portal,” and under Crager's leadership, it said, the company has grown into a leading managed solutions service provider with $5.4 trillion in client assets and served more than 107,000 advisors.

“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,” Crager said in a statement. “ Together, we have built a more integrated, cohesive organization with a connected operating platform that provides a gateway to the future for the industry," he said.

Crager added that this transition will give him "a front-row seat for our next chapter and I look forward to continuing our journey."

Last year, Envestnet announced it would launch its own custodian platform and start to compete against Schwab, Fidelity and Pershing in that space. What the change in the CEO slot means for that venture is unclear. Envestnet shares were up 4% after Crager's exit from the CEO job was ab=nnounced.

James L. Fox, board of directors’ chairman, will serve as interim CEO as of April 1, until a successor is in place, the release said, adding that the board will initiate a search with the help of an independent executive search firm and consider both internal and external candidates.

Envestnet has been under pressure from activist investor Impactive Capital and others in recent years as it has acquired numerous fintech businesses, several of which have failed to meet profitability expectations. Recently, it has begun to explore asset divestitures.

The company further noted that Tom Sipp, executive vice president, will continue to lead Envestnet's business lines partnering closely with Crager and Fox.

Fox said Crager has been a driving force of the company since co-founding it with Bergmann. “They have established the vision for our company and Bill has led the charge in the ongoing expansion of the firm’s innovative financial wellness network. He is an inspirational leader who set the bar for our quality client solutions and services,” he said. “Bill also built a strong and experienced management team and we're confident in their ability to continue to execute our strategy. On behalf of the Board and the entire company, we want to thank Bill for all he has done for Envestnet as CEO and his continuing partnership.”