Stuart DePina is stepping down as Envestnet president at the end of this month, the company said Tuesday while announcing a reorganization plan that will include "streamlining" its business into three segments: Envestnet Solutions, Envestnet Data and Analytics, and Envestnet WealthTech.
The organizational changes are intended to "accelerate the growth of the Envestnet financial wellness ecosystem," the company said in a news release. The new structure will allow it to "further help the wealth industry deliver an Intelligent Financial Life for its clients and marks the next chapter of growth for Envestnet," it added.
DePina, was named Envestnet president in 2019. The company didn't say why he was stepping down.
In a statement to ThinkAdvisor on Wednesday, an Envestnet spokesperson said only: "After 10 years with Envestnet, Stuart DePina has decided to step down as President, and maintains his commitment to the transition and growth of the company; he will continue to remain active with Envestnet in an advisory capacity. He will transition to advisor later this month."
Over the last 10 years especially, DePina "partnered closely" with Envestnet CEO and co-founder Bill Crager and the Envestnet team to "lead the Tamarac and Data & Analytics businesses, and to help shape the future of the company and deliver on its vision to offer data, technology and solutions that empower advisors to deliver an intelligent financial life for their clients," the spokesperson added.
"Together with Bill, Stuart was instrumental in building the strategy for this transformation dependent on three parts of the business — Data & Analytics, WealthTech and Solutions — all working alongside one another to deliver the products, intelligence and resources that Envestnet's clients need," according to the spokesperson.
While with the firm, DePina has "championed the continued development of Envestnet's data aggregation, enterprise data management, and analytics offerings that have supported the company's growth among its wealth management, financial institution, and FinTech customers," it said.
The news didn't come as a surprise to consultant Timothy Welsh, president, CEO and founder of Nexus Strategy. "Envestnet tends to re-arrange the deck chairs every few years to try and rationalize all of the acquisitions that they've made, and there were rumors and articles that DePina was out a couple of months ago," Welsh told ThinkAdvisor by email on Wednesday.
