Founder of Betterment LLC

John Stein

resigns as CEO, said an investment advisory firm Tuesday. It will be replaced

Sarah Kirshbaum Levi,

former boss

ViacomCBS Inc.

Mrs Levy, who is taking up her position today, will be responsible for managing the company until a possible IPO in the coming years, said Mr Stein, who will continue to work on a daily basis and chair the company until the end of the month.

Mr Stein, aged 41, founded a digital investment advisory firm in 2010. The New York-based company manages $25 billion with more than 550,000 customers.

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We have record revenues, and while Covid is growing in all three of our businesses, which include investment advisory services for private clients, 401(k) s for small and medium sized companies and a platform for independent investment advisors, Mr Stein said in an interview. Seems like a good place to pass the torch.

Her successor, Mrs Levi, was Chief Operating Officer of ViacomCBS Media Networks from January 2018 to January 2020. The 49-year-old Executive Director has held various positions, including Chief Operating Officer of the Nickelodeon business unit from 1998 to 2017.

Mrs. Levy, who’s been to the hospital… In October, as a consultant for Betterment, she said she would focus on evolution rather than revolution, including giving clients the opportunity to further customise their investment portfolios and interact with recruiters.

With regard to the prospect of an IPO, Mrs Levy said that I would not say it is too far away, but we want a clear path to strong growth and a clear vision of profitability.

Sarah Kirschbaum Levi (left) will succeed Mr Stein as CEO and work on a possible IPO.


Ben Heeder

Press Officer

Joe Hall

said that the best is not profitable at the moment, but it could be if it was a priority, not growth.

More recently, the company was valued at $800 million in the final financing round in 2017.

Betterment’s consulting services calculate annually 0.25% of the value of their digital portfolio. It charges a 0.15% surcharge for clients who want access to recruiters.

Mr. Stein said he was looking for someone outside the financial sector to take Betterment to the next level. Industry insiders often miss the perspective of disrupting service delivery in a more customer-focused direction, he said.

Mr. Stein said he could play a role in tasks such as recruitment and client events, but he wants to make sure I don’t interfere in Sarah’s life.

I may have another company in me, but that doesn’t include financial services.

Write to Anne Tergesen at [email protected]

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