Envestnet, Inc. (NYSE: ENV), a leading provider of intelligent systems for wealth management and financial wellness, today announced the appointment of three new independent directors to its Board of Directors. Barbara Turner, former CEO of Ohio National Financial Services, a leading provider of life insurance, annuities and wealth management services, joined the Board effective as of March 22, 2023, as part of Envestnet’s ongoing refreshment process.
Envestnet also has appointed Lauren Taylor Wolfe, Co-Founder and Managing Partner of Impactive Capital, and Wendy Lane, a member of the Verisk Board of Directors, to its Board effective as of March 27, 2023. The appointment of Ms. Wolfe and Ms. Lane was made in connection with a long-term cooperation agreement it has entered with Impactive Capital LP (together with certain affiliates, “Impactive”).
“We are pleased to welcome Barbara, Lauren and Wendy to the Envestnet Board and look forward to benefitting from their collective experience and expertise,” said James L. Fox, Chairman of the Envestnet Board of Directors. “These appointments were informed by Envestnet’s ongoing dialogue with shareholders as we continue to execute on our strategic plan to deliver enhanced value to shareholders. We appreciate the collaboration with Impactive, with whom we have maintained an ongoing dialogue in reaching this agreement.”
“Our progress over the last year, coupled with the investments we have made in the business, provides us with confidence that Envestnet is on the path to unlocking the revenue potential and margin expansion of our connected ecosystem,” said Bill Crager, Co-Founder and Chief Executive Officer for Envestnet. “The Envestnet Board and I look forward to working alongside the new independent directors, as well as the rest of the management team, to build on the momentum we have underway.”
“As long-term investors, Impactive believes in the considerable future potential of Envestnet’s business,” said Ms. Taylor Wolfe. “We are pleased to have worked constructively with the Envestnet Board to reach an agreement that is in the best interests of all stakeholders. We look forward to bringing our fresh perspectives and ownership mentality to the Board, and to working alongside our fellow directors to create significant value for shareholders.”
Under the cooperation agreement, Impactive has agreed to customary standstill, voting, confidentiality and other commitments. In addition, Envestnet has agreed that the Board will put forth a proposal to declassify the Board at the 2024 Annual Meeting. The full agreement between Envestnet and Impactive will be filed on a Form 8-K with the U.S. Securities and Exchange Commission.
About Barbara Turner
Barbara Turner served in various roles at Ohio National Financial Services, Inc., a leading provider of life insurance, annuities and wealth management services, from 1997 to 2022, most recently as President and Chief Executive Officer. Prior to joining Ohio National, Ms. Turner held roles at Cox Financial Corporation, Reynolds DeWitt Securities, Provident Bank, and Central Trust Bank.
She is currently the Board Chair of the United Way of Greater Cincinnati and the incoming Board Chair of the Urban League of Greater Southwestern Ohio. She also serves on the board of The Christ Hospital Health Network. Ms. Turner previously served as Vice Chair of the Cincinnati USA Regional Chamber of Commerce, Vice Chair of the insurance industry trade association LL Global (LIMRA) and on the Board of Directors of the American Council of Life Insurers. Ms. Turner attended the University of Cincinnati and is a graduate of the SIFMA/Wharton Securities Industry Institute (SII).
About Lauren Taylor Wolfe
Lauren Taylor Wolfe is the Co-Founder and has served as the Managing Partner of Impactive Capital since its founding in April 2018. Prior to founding Impactive Capital, Ms. Taylor Wolfe spent ten years at Blue Harbour Group, L.P., an activist investment firm. Earlier in her career, Ms. Taylor Wolfe served as a Portfolio Manager at SIAR Capital LLC, an investment firm specializing in emerging growth companies, from 2003 to 2007, and as an Associate at Diamond Technology Partners, a strategic technology consulting firm, from 2000 to 2003. Ms. Taylor Wolfe previously served on the board of directors of HD Supply Holdings, Inc., an industrial distributor, from 2017 until it was acquired by The Home Depot, Inc. in 2020. Ms. Taylor Wolfe previously served on the 30% Club Steering Committee and was an Angel member of 100 Women in Finance. Ms. Taylor Wolfe earned a B.S. in Applied Economics and Management from Cornell University and an M.B.A. from The Wharton School at the University of Pennsylvania.
About Wendy Lane
Wendy E. Lane has served as Chair of Lane Holdings, Inc., a private equity investment company, since 1992. Ms. Lane currently serves as a director of Verisk Analytics, Inc., a data analytics and risk assessment firm. Ms. Lane previously served on the boards of directors of NextPoint Financial, Inc., a consumer finance and tax advisory services firm, from August 2020 to July 2021, CoreLogic, Inc., a financial, property, and consumer information analytics firm, from November 2020 to February 2021, Willis Towers Watson PLC, an advisory and solutions company, from April 2004 to May 2022, MSCI Inc., an analytics company, from January 2015 to April 2019, UPM-Kymmene Oyj, a Finnish forest industry company, from March 2005 to April 2018, and Laboratory Corporation of America Holdings, a clinical laboratory company, from November 1996 to May 2014. Ms. Lane was a Principal and Managing Director of Donaldson, Lufkin and Jenrette Securities Corporation from 1981 to 1992. Prior to that, Ms. Lane was an investment banker at Goldman, Sachs & Co. Ms. Lane holds a B.A. from Wellesley College in Mathematics and French and an M.B.A. from Harvard Business School.
About Envestnet
Envestnet is transforming the way financial advice is delivered through an ecosystem of technology, solutions and intelligence. By establishing the connections between people’s daily financial decisions and long-term financial goals, Envestnet empowers them to make better sense of their finances and live an Intelligent Financial Life™. With $5T in platform assets – approximately 106,000 advisors, 16 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, more than 500 of the largest RIAs, and thousands of companies depend on Envestnet technology and services to help drive better outcomes for their businesses and for their clients.
