Envestnet Inc has added three new directors to its board following pressure from activist investment firm Impactive Capital, which has been pushing for the fintech to prove its performance by cutting costs, according to a report by Reuters.
The new board members are banking executive Barbara Turner, veteran board member Wendy Lane, and Lauren Taylor Wolfe, the co-founder of Impactive Capital, who have all joined the board in the last few days.
Envestnet, which provides technology and automation software for financial advisors and banks, has also said it will suggest that all of its directors stand for election every year, one of Impactive’s recommendations to improve corporate governance.
Impactive, founded by Wolfe and Christian Asmar, owns a a 7,5% stake in Envestnet.
