Envestnet, a leading wealth management technology provider, has appointed Joshua Warren as their new chief financial officer. Warren, a former executive at BlackRock, will be replacing Peter D’Arrigo, who has served as the finance head for over a decade.
A Phased Transition
The transition will take place in phases, with Warren officially assuming his new role on November 15th. From that point on, D’Arrigo will continue to support CEO William Crager as a senior advisor until March 31, 2024. Warren, on the other hand, will also provide guidance to Crager as a senior advisor until November 15th.
Strong Addition to the Leadership Team
Crager, who is a co-founder of Envestnet, believes that Warren’s appointment is a significant enhancement to their leadership team. He highlights Warren’s demonstrated ability to deliver shareholder value and his expertise in financial discipline, analytical rigor, and strategic insight. These qualities are greatly valued and align with Envestnet’s business.
Performance and Market Update
Envestnet shares experienced a slight downturn in late-morning trading, with a decrease of about 2%. This decline is in comparison to the S&P 500’s decrease of 1.2%. Envestnet stock has been facing some challenges recently, as its shares opened Tuesday’s trading session at $46.64, significantly lower than its 52-week high of around $70 earlier this year.
Impressive Industry Experience
Warren joins Envestnet following his role as a managing director at BlackRock. At BlackRock, he served as the global head of business strategy for iShares and index investments. Before that, he was a managing director in the corporate strategy and development team.
An Exciting Opportunity
Expressing his enthusiasm and honor, Warren is looking forward to joining the Envestnet team. He is determined to strengthen their market leadership position by executing with speed, scale, and efficiency. Additionally, he aims to expand margins, cash flows, and ultimately deliver value to clients and shareholders.
A Historic CFO Role
Prior to this appointment, Envestnet had enjoyed remarkable continuity in its CFO position, as D’Arrigo had held the role since 2008.