By the end of this year, the letters "CEO" will no longer precede the name of Eric Clarke on the
On Monday, the man who has been at the helm of the Omaha, Nebraska-based provider of outsourced investment management and technology for more than two decades made clear his intention to retire and make way for the firm's next leader.
Exactly who that leader will be is still to be determined. Former AssetMark President and CEO Charles Goldman — who was appointed to the position of executive chair of the Orion board last week — is leading the CEO search along with a search committee.
Upon retirement, Clarke will continue to serve on Orion's Board of Directors and will work with the board to ensure a smooth leadership transition.
"As Orion approaches our 25 year anniversary in 2024, I've recognized this as the right time for me to retire from the CEO role while remaining an active member of the company's Board of Directors," Clarke said in a statement. "I want to express my sincere gratitude to our advisor clients, team members, board, and all involved in the RIA industry.
"I am humbled and grateful to be part of what we've built together over the past two-and-a-half decades."
Goldman, meanwhile, said he is committed to finding the right leader to fill Clarke's sizable kicks. He said Clarke's successor will need to embody Orion's values, share the company vision and possess exceptional leadership qualities.
Goldman added that in his role as an Orion Board member and executive chair, he has witnessed Clarke's "unwavering passion and commitment to serving Orion's advisor clients, team members and the industry as a whole."
"He is a visionary, high-integrity leader who has helped grow and transform the RIA and wealthtech industries. The Orion Board of Directors and I have the utmost respect for him as a leader and as a person," Goldman said in a statement. "We're grateful to have Eric remain on the board and support his successor, setting them up for success.
"Eric is retiring at a high point in Orion's journey, and we will now capitalize on his wealth of knowledge and experience while enabling fresh perspectives and ideas to shape our future."
Clarke's departure represents the biggest shift yet for a company that supports more than 5 million technology accounts and thousands of independent advisory firms.. Still, the firm has been making changes at the top for the past year.
In September 2022,
At that time, Orion also announced the promotion of three employees who began to report to Clarke as business line owners and members of Orion's executive team. Ryan Beach was named president of Orion Wealth Management; Brian McLaughlin was named president of Orion Advisor Tech; and Kurt Brown was named president of Orion OCIO (outsourced chief investment officer).
With the addition of the McLaughlin-founded Redtail and Orion OCIO, the company's combined platform services $3.6 trillion in assets under administration and $61.7 billion of wealth management platform assets.
Orion got its start in 1999 when its founders sought an investment accounting system that could meet the needs of a growing registered investment advisory firm. When they realized it didn't exist, they developed their own portfolio management software and launched Orion Advisor Technology.
Clarke was the founding CEO of Orion Advisor Tech and previously served as COO for CLS Investments, now part of Brinker Capital Investments.
