Following a first quarter full of
In a
The board also has initiated a comprehensive search for a permanent CEO, but no timeframe for the effort was provided.
According to InvestCloud, the
"As a SaaS platform built for the financial services industry, InvestCloud has a unique and compelling value proposition in solving the persistent and complex digital challenges across the industry. We believe that now is the time to set the company up for its next stage of growth," Rob Heyvaert, chairman of the InvestCloud board of directors, said in a statement. "Richard's extensive knowledge of InvestCloud's business, people and customers, along with his deep industry expertise, make him the right leader during this transition."
Lumb said he is excited to step into the role at a pivotal moment for the firm. He has been a member of InvestCloud's board since February 2021 and has four decades of experience in financial services.
"We believe the company is the SaaS leader in digital transformation and is changing how the world's banks, wealth and asset managers work," Lumb said in a statement. "The InvestCloud product, technology and team are world class, and I could not be more excited about the growth opportunity facing the company."
Lumb previously served as a member of the executive leadership team at Accenture, led the acquisition of Duck Creek Technologies and served on its board from 2011 to 2019. He has been an industry partner at specialist fintech private equity firm Motive Partners since 2019.
Lumb also sits on the board of directors at Bakkt and was previously on the board of Finastra. An InvestCloud statement says Lumb's experience leading technology-focused and SaaS firms gives him the foundation he needs to launch InvestCloud into its next chapter of growth.
Missing from the company statement is any explanation for Wise's sudden exit. There were also no outward indications that Wise was preparing to move on.
In early February, he stood on stage alongside fellow co-founder and Chief Product Officer Yaela Shamberg to
By combining William Blair's wealth management expertise with InvestCloud tech, the two sides hope to establish SYSTM as a "one-stop shop" that can handle planning, client proposals and reporting in a single data model.
Financial Planning's attempts to reach Wise for comment in the wake of the news were unsuccessful.
Trade publication CityWire
"However, I encourage you to stay focused on building fantastic products and technology, selling in the market, and helping our customers succeed," Heyvaert said in the memo, CityWire reported.
CityWire also reported that chief corporate development officer J.P. Whelan and president of sales operations and integration Fiona Francois have left the company as well.
Their departures were not confirmed in the InvestCloud statement issued Monday night. But headshots and bios for Wise, Whelan and Francois available as recently as Tuesday morning on the InvestCloud website had been removed from the company's "about us" page by the afternoon.
The updated website displaying the InvestCloud leadership also removes the bio of co-founder and Chief Information Officer Vincent Sos.
Wise's exit adds to the tally of C-Suite leaders making sudden moves throughout financial services in 2023. In February,
Before taking the job, Malamed was most recently executive vice president, chief operating officer and board director of Ladenburg Thalmann, a network of wealth management and other financial services firms based in New York.
In late March,
Sieg worked at Citi from 2005 to 2009. He had been at Bank of America's Merrill since then, serving first as head of Global Wealth & Retirement Solutions, then as president of Merrill in 2017. Sieg is replaced by Lindsay Hans and Eric Schimpf, who were named presidents and co-heads of Merrill Wealth Management. Both executives will report to Bank of America CEO and chairman Brian Moynihan.
