Naratil has over 30 years of executive leadership in wealth management and investment banking, as well as a strong understanding of the financial services industry and Envestnet's role in it, having been a partner and client of Envestnet for nearly a decade. Naratil – Former Member of the Group Executive Board, President Americas, and Co-President of Global Wealth Management at UBS Group AG. Lane has over 30 years of board experience, having led compensation committees and overseen strategic, operational, and financial changes at public companies in regulated industries that handle sensitive data. Impactive's nominees collectively bring public company board experience, financial and capital allocation expertise, and track records of driving long-term shareholder value creation that Envestnet needs to improve its performance, governance, and shareholder alignment. Lack of commitment to good governance as shown by maintaining a classified board, and most recently demonstrated by the Board's refusal to constructively engage with Impactive in response to its request for a single Board seat. Lack of shareholder alignment, as evidenced by the Board's collectively owning less than 1% of Envestnet while allowing management and Board renumeration to expand despite significantly sub-par returns over the past 5 years and Poor operating performance, underpinned by management's apparent lack of expense discipline, as highlighted by the lowest economic EBITDA margins amongst similarly regulated peers 3 Moreover, during this period, the Board oversaw a number of disappointing decisions that Impactive believes have resulted in shareholder value destruction, including:ĭilutive capital allocation and a lack of focus on return on investment 2 In the 32 trading days since Impactive's letter to the Board was made public, Envestnet's stock has returned 11%, almost double the Company's cumulative return during the trailing 5-year period, which Impactive contends underscores shareholders' profound dissatisfaction with the Company's current direction and their desire for change. However, over the past 5 years-during which time 5 of 7 of the Company's current directors have served on the Board, and a sixth was serving as President-Envestnet has underperformed the S&P 500 by 61%, 1 and delivered a total return of a mere 6% as compared to its proxy peer group, which averaged a total return of more than 113%. It does not store any personal data.Impactive firmly believes in Envestnet's business and the Company's considerable future potential. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies.
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