Veteran finance CEO Sallie Krawcheck, the prominent figure behind the $2.4 billion investment platform Ellevest, is transitioning away from her daily leadership role after a decade at the helm. In a recent announcement, Krawcheck revealed her decision to step down as CEO, citing a recent health diagnosis as the primary factor influencing her choice. Ellevest, which Krawcheck co-founded and has championed as a platform empowering women in finance, will now be led by co-CEOs Dr. Sylvia Kwan and Connie Hsiung.
Krawcheck’s announcement, shared via an official Ellevest post, detailed her plans to prioritize her health after receiving an unspecified diagnosis. This decision marks a significant shift for Ellevest as it celebrates its 10th anniversary. Dr. Sylvia Kwan, the current Chief Investment Officer, and Connie Hsiung, the Chief Operating Officer and Chief Financial Officer, will jointly assume the responsibilities of co-CEOs, steering Ellevest into its next chapter.
“As Sylvia and Connie take the reins to drive Ellevest forward, I will transition to a guidance role as a member of our Board,” Krawcheck stated. “My primary focus will be on my health, meaning I will step back from day-to-day operations. However, the mission of Ellevest will always remain close to my heart.”
Launched in 2014, Ellevest was envisioned by Krawcheck as an investment platform “built by women, funded by women, and for women,” as she articulated in a previous interview with Fortune. The firm has grown to manage $2.4 billion in assets, leveraging the extensive network Krawcheck cultivated throughout her distinguished 40-year career in the finance industry. Krawcheck has been a vocal advocate for women’s empowerment in finance and has been consistently recognized by Fortune as one of the Most Powerful Women in business.
In a recent Fortune event, Krawcheck reinforced her resilient spirit, encouraging women to “embrace the haters” and navigate criticism with strength. Reflecting on her public profile, Krawcheck humorously noted, “I’ve graced the cover of Fortune twice, but I also hold the unique distinction of being fired on the front page of a newspaper twice.” She added with a light-hearted tone, “The first time it happened, it was so amusing, I thought, why not do it again?”
Krawcheck’s ability to deflect negativity with humor and resilience has become a hallmark of her leadership. “Embrace the haters,” she advised, underscoring her belief that “pressure’s a privilege.” Her departure from the CEO role to focus on her health marks a new phase for both Krawcheck and Ellevest, as the company moves forward under the joint leadership of Dr. Kwan and Hsiung, while Krawcheck continues to contribute from the Board.
