AssetMark Financial Holdings, Inc. appointed Michael Kim as new CEO

Item 5.02 Departure 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 September 5, 2023, Natalie Wolfsen gave notice of her resignation as Chief Executive Officer and director of AssetMark Financial Holdings, Inc. ("AssetMark"). Ms. Wolfsen will cease being the Chief Executive Officer and a director on September 08, 2023, and pursuant to the terms of her employment agreement she will cease to be an employee of AssetMark effective October 4, 2023.


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


Effective September 08, 2023, the Board of Directors of AssetMark (the "Board") appointed Michael Kim as AssetMark's next Chief Executive Officer. Mr. Kim, age 54, has served as President of AssetMark since March 2021 and as Chief Client Officer 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 Mr. Kim as AssetMark's Chief Executive Officer, the Board, upon the recommendation of the Board's Nominating, Governance and Compliance Committee, appointed Mr. Kim as a Class III member of the Board, effective September 08, 2023, to fill the vacancy on the Board resulting from Ms. Wolfsen's departure. Mr. Kim will serve until AssetMark's 2025 Annual Meeting of Stockholders and until his successor is duly elected and qualified, or until his earlier resignation, retirement or other termination of service. Mr. Kim is qualified to serve on the Board because of the perspective he will bring as AssetMark's Chief Executive Officer, his experience in senior management positions at AssetMark and his significant professional experience in the financial services industry.


AssetMark expects to enter into amended compensatory arrangements with Mr. Kim in connection with his appointment as Chief Executive Officer, 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 Mr. Kim and any other person pursuant to which Mr. Kim was selected as a director. Mr. Kim does not have any family relationships with any other executive officer or director of AssetMark, nor has he been involved in any related person transactions with AssetMark that would require disclosure under Item 404(a) of Regulation S-K.