Sallie Krawcheck steps down as Ellevest CEO to address health issue

Sallie Krawcheck is stepping down as CEO of Ellevest to address a health problem.

Krawcheck, a banking veteran who had key leadership roles at Citigroup and Merrill Lynch, wrote in a note that she will remain on the asset manager’s board.

Sylvia Kwan, Ellevest’s chief investment officer, and Connie Hsiung, the chief financial officer and chief operating officer, were named co-CEOs.

“While I pass the torch to the next generation of Ellevest leadership … I’ll be able to continue to provide guidance as a member of our board,” Krawcheck wrote. “My focus will be on my health, so I will not be involved in the day-to-day, but my heart will always be with our mission.”

Ellevest manages $2.4 billion in investment assets.