Betterment, an online financial services company, announced that it welcomes Sarah Kirshbaum Levy as its new Chief Executive Officer. Levy most recently served as Viacom Media Networks’ Chief Operating Officer and has been an Operating Advisor at Betterment for the last several months. Stein, the founder of Betterment, will remain Chairman and serve on the Board of Directors. He will work with Levy to ensure a smooth executive transition.
During her time as COO of Viacom Media Networks, Levy oversaw global strategy, finance, and operations for the $10Bn division that housed some of Viacom’s iconic brands, including MTV, Comedy Central, and BET. Levy previously served as the Chief Operating Officer at Nickelodeon for over a decade. While at Nickelodeon, she drove the expansion of the brand and business both organically and through acquisitions. She spearheaded Nickelodeon’s entry into new segments generating more than $4Bn at retail, including digital gaming, consumer products, resorts, Broadway and theme parks, as well as subscription video on demand. Levy is currently a Board Member for The Lucius N. Littauer Foundation, Inc. (2012 to Present), ACON S2 Acquisition Corp (September 2020 to Present) and Funko (2019 to Present).
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Stein launched Betterment in 2010 on the heels of the Great Recession. Facing a difficult economic environment for entrepreneurs, he built a new kind of financial services company that is better aligned with customers’ interests and offers automated portfolio management strategies that had previously only been available to the ultra wealthy. He has been credited with creating the “roboadvisor” space, and Betterment has continuously been recognized as a leading force in the fintech industry.
In addition to launching the company’s retail offering, Stein oversaw the company’s entrance into the B2B space with the launch of both its 401(k) arm, Betterment for Business, and advisor services platform, Betterment for Advisors.
“I’m extremely proud of the work we’ve done at Betterment over the past ten years,” said Stein. “It’s been an honor and a humbling experience to lead a company that has made such a significant impact on both the financial industry and consumers’ everyday lives. But when I look at what is next for Betterment, the time has come for someone else to lead the company through its next stage of growth.”
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Stein leaves Betterment in an excellent position. Growth in all three business lines has continued to accelerate and the company is in a strong financial position. Betterment currently manages over $25 billion in assets for more than 550,000 customers.
“Sarah is an extraordinary leader with deep experience managing and scaling consumer-facing organizations,” Stein said. “As we’ve worked together over the past few months, I’ve learned so much from her, and had the chance to see firsthand what she’ll bring to Betterment. Sarah has cultivated some of the world’s most beloved brands while scaling operations across multiple business lines. I am incredibly confident that the company and the customers we serve will be in good hands under her leadership.”
“I was determined to find a company with an authentic story and a brand that I could believe in, a brand making an impact and a difference in the world. Betterment’s mission to help people pursue happiness through financial security hit the mark for me,” said Levy. “I am really excited to connect with customers and help share the Betterment story with them, and I am looking forward to leading the company as we continue to improve the financial outcomes of millions of customers.”
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