Envestnet continues to reorganize its Executive Suite. That effort began in 2019. This week, the company announced that it will be hiring Mary Ellen Dugan, the first company-wide chief marketing officer since 2013; Farouk Ferchichi, the company’s first chief data officer, an analytics officer; Jillian Munro, who serves in the newly created role of data and analytics technology group leader; and Neel Ray, the new head of merger acquisitions in the strategy office that opened last year.
The new hires will largely round out the realignment of the company’s executive suite, although some work remains to be done, said President Stuart DePina.
While marketing, data, and analytics efforts took place in Envestnet’s individual business units such as Yodlee or Tamarac, the company did not have an overarching leader in those efforts, DePina said. By adding Dugan, formerly CMO of the WordPress digital experience platform WP Engine, marketing efforts at Envestnet will have more coherence across the company’s business areas.
“We have acquired many companies that have allowed us to remain independent and operate in isolation, ”said DePina. “With the restructuring we want … to create an ecosystem.”
Envestnet took over the account aggregator Yodlee for the first time in 2015. It may seem strange, therefore, that an executive is only now joining in to oversee the vast amount of data that the company is collecting and generating. Similar to its marketing efforts, Envestnet previously relied on data approaches at the business line level. It lacked the right hierarchy to take full advantage of this data, DePina said. Ferchichi, who held a similar role at USAA, will lead the company’s data strategy, providing the strategy and insight that Munro joining will draw from Start of the Spreedly payment platform, is implemented in the company’s development teams.
One of Ferchichi’s top priorities will be making it easier for the company’s customers to take advantage of more than one of Envestnet’s business offerings, explained DePina. Last month, CEO Bill Crager announced to shareholders that he will be investing $ 30 million over the next year, in part to “create an ecosystem for customers to access these various independent platforms more seamlessly,” DePina said.
Envestnet has no plans to discontinue the acquisition as it hires Ray, who previously served as managing director at TD Ameritrade. In his previous position, he led fintech investments. He will work with Dani Fava, who left TD Ameritrade Institutional for Envestnet last yearand will report to Rich Aneser, the company’s chief strategy officer.
“We have the right leadership,” said DePina. “We are in the process of transforming our organization. That doesn’t happen in the blink of an eye. It will be a process. We will need beyond 2021 to complete the work we are doing. “