Betterment Jon Stein
Betterment founder Jon Stein is stepping down as CEO.
Betterment
  • Jon Stein, the chief executive and founder of robo-advisor Betterment, is stepping down from his role as CEO, the company said on Tuesday.
  • Sarah Kirshbaum Levy, the former COO of ViacomCBS and an advisor to Betterment since October, will assume the CEO role effective immediately. Stein will remain chairman of the board.
  • In a blog post announcing the move, Stein wrote that he’d been searching for a successor “for some time” to “help drive the company forward.” 
  • Betterment raised money in June 2017 — a $70 million round that nabbed it an $800 million valuation.
  • The startup manages more than $25 billion in assets for roughly 550,000 customers.
  • Betterment has also increasingly faced competition from retail stock-trading apps like Robinhood that saw growth surge during the coronavirus. 
  • Visit Business Insider’s homepage for more stories.

This is a developing story and will be updated throughout the day.

Read more: Betterment wants to understand why Robinhood has such a powerful psychological pull on do-it-yourself investors, and is eyeing ways to help its own users ‘scratch that need for control’

See more: Robo-advisers like Wealthfront and Betterment are in a tricky spot – here’s why one fintech banker thinks buyers and public investors will be hard to win over

Read the original article on Business Insider

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