Ellevest CEO Sallie Krawcheck Steps Down for Health Reasons

Sallie Krawcheck, the Wall Street veteran who co-founded Ellevest, the women-focused wealth-management firm, is stepping aside and transitioning to a board role to focus on her health following a recent diagnosis, she wrote in a post on Tuesday.

“As they say, you can have 1,000 problems in your life until you have a health problem. And then you only have one problem. So, I need to do this for myself and my family,” Krawcheck wrote.

Sylvia Kwan will remain Ellevest’s CIO and take on the co-CEO role. Connie Hsiung, current COO & CFO, will also serve as co-CEO.

‘Ellevest clients will continue to be in the most qualified hands,’ she added. ‘While I pass the torch to the next generation of Ellevest leadership and as Sylvia and Connie take the reins on driving the company forward, I’ll be able to continue to provide guidance as a member of our board.”

Ellevest currently manages roughly $2.4 billion in total client assets. This quarter marks the 10-year anniversary of the company’s founding.

Krawcheck previously served as CEO of several top financial firms, including Merrill Lynch Wealth Management, Citi Wealth Management, and Smith Barney.