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<ul class="summary-list"><li><keyword id="3596343" type="PERSON" weightage="60" keywordseo="jon-stein">Jon Stein</keyword>, the chief executive and founder of robo-advisor <keyword id="2244108" type="PERSON" weightage="60" keywordseo="betterment">Betterment</keyword>, is stepping down from his role as CEO, the company<a href="https://www.prnewswire.com/news-releases/betterment-appoints-sarah-kirshbaum-levy-as-new-chief-executive-officer-301188613.html?tc=eml_cleartime"> said on Tuesday.</a></li><li>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.</li><li>In a <a href="https://www.betterment.com/resources/betterments-new-ceo-sarah-kirshbaum-levy/">blog post announcing the move</a>, Stein wrote that he'd been searching for a successor "for some time" to "help drive the company forward." </li><li>Betterment raised money in <a href="https://www.businessinsider.com/betterment-valuation-now-800-million-2017-7">June 2017</a> — a $70 million round that nabbed it an $800 million valuation.</li><li>The startup manages more than $25 billion in assets for roughly 550,000 customers.</li><li>Betterment has also <a href="https://www.businessinsider.com/how-betterment-looking-to-tap-into-retail-trading-surge-robinhood-2020-7">increasingly faced competition</a> from retail stock-trading apps like <keyword id="1268253" type="PERSON" weightage="60" keywordseo="Robinhood">Robinhood</keyword> that saw growth surge during the coronavirus. </li></ul>Read more: <a href="https://www.businessinsider.com/how-betterment-looking-to-tap-into-retail-trading-surge-robinhood-2020-7">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'</a>See more: <a href="https://www.businessinsider.com/robo-advisors-wealthfront-betterment-attract-assets-2020-1">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</a>

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

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

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