Betterment founder Jon Stein is stepping down as CEO and a former ViacomCBS exec is taking his place

• Jon Stein, the chief executive and founder of robo-advisor Betterment, is stepping down from his role as CEO, the company said on Tuesday.
• Sarah Kirshbaum Levy, the former COO of ViacomCBS and an advisor to Betterment since October, will assume the CEO role effective immediately. Stein will remain chairman of the board.
• In a blog post announcing the move, Stein wrote that he’d been searching for a successor “for some time” to “help drive the company forward.” 
• Betterment raised money in June 2017 — a $70 million round that nabbed it an $800 million valuation.
• The startup manages more than $25 billion in assets for roughly 550,000 customers.
• Betterment has also increasingly faced competition from retail stock-trading apps like Robinhood that saw growth surge during the coronavirus. 
• Visit Business Insider’s homepage for more stories.

This is a developing story and will be updated throughout the day.

Read more: Betterment wants to understand why Robinhood has such a powerful psychological pull on do-it-yourself investors, and is eyeing ways to help its own users ‘scratch that need for control’

See more: Robo-advisers like Wealthfront and Betterment are in a tricky spot – here’s why one fintech banker thinks buyers and public investors will be hard to win over

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