AssetMark Financial Holdings, Inc. appointed Natalie Wolfsen as new CEO

Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 

(b) Departure of Principal Executive Officer and Director

On February 23, 2021, the Board of Directors (the "Board") of AssetMark Financial Holdings, Inc. ("AssetMark") announced that the Board of Directors and Charles Goldman came to a mutual agreement that Mr. Goldman would no longer serve in his positions with AssetMark, including as Chief Executive Officer, President and as a director, including as a member of the Board's Nominating and Corporate Governance Committee. Mr. Goldman will cease being a director, officer and employee of AssetMark effective March 3, 2021. In connection with Mr. Goldman's departure, AssetMark expects to enter into a one-year consulting agreement with Mr. Goldman pursuant to which Mr. Goldman will assist in the leadership transition and provide guidance and advice on certain business strategy matters to AssetMark in exchange for a fee, to be determined.

(c)-(d) Appointment of Principal Executive Officer, President, Director

On February 23, 2021, the Board appointed Natalie Wolfsen as AssetMark's next Chief Executive Officer and appointed Michael Kim as AssetMark's next President, in each case effective March 3, 2021. Ms. Wolfsen, age 51, has served as Executive Vice President and Chief Solutions Officer of AssetMark since January 2018, prior to which she served as Executive Vice President and Chief Commercialization Officer from May 2014 to December 2017. Mr. Kim, age 51, has served as Executive Vice President and, Chief Client Officer and National Sales Leader of AssetMark since January 2018, prior to which he served as AssetMark's Executive Vice President and National Sales Manager from 2014 to January 2018.

Concurrently with the appointment of Ms. Wolfsen as AssetMark's Chief Executive Officer, the Board, upon the recommendation of the Board's Nominating and Corporate Governance Committee, appointed Ms. Wolfsen as a Class III member of the Board, effective March 3, 2021, to fill the vacancy on the Board resulting from Mr. Goldman's departure. Ms. Wolfsen will serve until AssetMark's 2022 Annual Meeting of Stockholders and until her successor is duly elected and qualified, or until her earlier resignation, retirement or other termination of service. Ms. Wolfsen is qualified to serve on the Board because of the perspective she will bring as AssetMark's Chief Executive Officer, her experience in senior management positions at AssetMark and her significant professional experience in the financial services industry. 

AssetMark expects to enter into amended compensatory arrangements with Ms. Wolfsen and Mr. Kim in connection with their appointments as Chief Executive Officer and President, respectively, the details of which have not been finalized as of the date of this filing. AssetMark intends to file an amendment to this Form 8-K once such arrangements are finalized.

There are no arrangements or understandings between Ms. Wolfsen and any other person pursuant to which Ms. Wolfsen was selected as a director. Neither Ms. Wolfsen nor Mr. Kim has any family relationships with any other executive officer or director of AssetMark. Neither Ms. Wolfsen nor Mr. Kim has not been involved in any related person transactions with AssetMark that would require disclosure under Item 404(a) of Regulation S-K.