Jay Shah was named CEO of managed account provider and investment advisory firm Edelman Financial Engines.
He will start Aug. 18, a spokesman said in an email.
Current CEO Larry Raffone will become chairman of the board and will remain a "meaningful shareholder," according to a news release from the firm Wednesday. Mr. Raffone also currently holds the title of president, and the spokesman said the firm cannot comment on that position at this time.
Mr. Shah was previously CEO of wealth management firm Personal Capital.
