Sallie Krawcheck, a prominent figure in the finance world and co-founder of the women-focused investment platform Ellevest, announced her departure as CEO on Tuesday. This transition comes as the company celebrates its 10-year anniversary and manages $2.4 billion in assets. Krawcheck cited a recent health diagnosis as the reason for stepping back, emphasizing the need to prioritize her well-being.
A New Leadership Chapter for Ellevest
Krawcheck, a veteran finance executive with a career spanning four decades, launched Ellevest in 2014 with a mission to empower women financially. Her departure marks a significant shift for the company, though she will remain involved as a member of the Board of Directors. This continued engagement will allow her to provide guidance and support the company’s mission without the demands of daily operations.
Taking the reins as co-CEOs are two experienced Ellevest executives: Dr. Sylvia Kwan, the current Chief Investment Officer, and Connie Hsiung, the current Chief Operating Officer and Chief Financial Officer. This leadership structure leverages their deep understanding of Ellevest’s operations, investment strategy, and financial performance. Krawcheck expressed confidence in their abilities to lead the company forward.
Krawcheck’s Legacy of Empowerment
Throughout her career, Krawcheck has been a vocal advocate for women in finance. Ellevest itself stands as a testament to this commitment, offering investment services specifically tailored to women’s financial needs and goals. Her influence extends beyond Ellevest, as evidenced by her recognition among Fortune‘s Most Powerful Women.
At this year’s Most Powerful Women event, Krawcheck shared her perspective on navigating challenges and embracing criticism. She recounted her experiences of both professional success and public scrutiny, highlighting the importance of resilience and using adversity as fuel. “Embrace the haters,” she urged, emphasizing that pressure can be a sign of progress and influence.
Sallie Krawcheck speaking at the Fortune Most Powerful Women Summit.
Krawcheck on the cover of Fortune Magazine in 2002.
Krawcheck featured again on the cover of Fortune Magazine in 2003.
Looking Ahead
While Krawcheck’s departure marks the end of an era for Ellevest, it also signals the beginning of a new chapter under the leadership of Kwan and Hsiung. The company remains committed to its core mission of empowering women financially. Krawcheck’s ongoing involvement as a board member provides continuity and strategic guidance as Ellevest continues to evolve and serve its growing client base.
