- 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 $US70 million round that nabbed it an $US800 million valuation.
- The startup manages more than $US25 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.
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