Financial Engines is replacing its CEO in the wake of a lackluster earnings report, and as it fights a lawsuit claiming the Sunnyvale, Calif.-based managed account provider built its business on pirated software.
Jeffrey Maggioncalda, 45, has served as Financial Engines CEO since the company's founding in 1996. Lawrence Raffone, who currently serves as the company's president, will replace him, effective Jan. 1, 2015.
The technology-based advisory serves 9 million participants across more than 580 plans, and oversees more than $100 billion in assets.
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