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Posted 07 June, 2023

A-Mark Precious Metals, Inc. appointed new CEO

CEO Change detected for ticker Nasdaq:AMRK in a 8-K filed on 07 June, 2023.


  On June 5, 2023, Michael Wittmeyer notified A-Mark Precious Metals, Inc. ("A-Mark" or the "Company") of his intention to resign as Chief Executive Officer of JM Bullion, Inc. ("JMB"), a wholly owned subsidiary of A-Mark, effective July 1, 2023 (the "Effective Date.")  

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Overview of A-Mark Precious Metals, Inc.
Retail/Wholesale • Specialty Retail
A-Mark Precious Metals, Inc. engages in the trading of gold, silver, platinum, and palladium bullion numismatic coins, and related products. It operates through the following segments: Wholesale Trading and Ancillary Services, Direct-to-Consumer, and Secured Lending. The Wholesale Trading and Ancillary Services segment is involved in the distribution and purchasing of metal products from sovereign and private mints. The Direct-to-Consumer segment provides access to a multitude of products through its wholly owned subsidiaries. The Secured Lending segment includes coin and precious metal dealers, investors, and collectors. The company was founded by Steven C. Markoff on April 9, 1965 and is headquartered in El Segundo, CA.
Market Cap
$626M
View Company Details
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

On June 5, 2023, Michael Wittmeyer notified A-Mark Precious Metals, Inc. ("A-Mark" or the "Company") of his intention to resign as Chief Executive Officer of JM Bullion, Inc. ("JMB"), a wholly owned subsidiary of A-Mark, effective July 1, 2023 (the "Effective Date.") 

In connection with his resignation, Mr. Wittmeyer and A-Mark entered into a Consulting Agreement, dated June 5, 2023 (the "Consulting Agreement"), which contains the following key terms:

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Mr. Wittmeyer's employment under the Amended and Restated Employment Agreement between Mr. Wittmeyer and JMB, dated March 19, 2021 (the "Prior Employment Agreement"), will terminate effective the Effective Date. Mr. Wittmeyer will continue to be employed as Chief Executive Officer of JMB through June 30, 2023, in accordance with the terms of the Prior Employment Agreement. 


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Mr. Wittmeyer will serve as a consultant to the Company from the Effective Date through June 30, 2025, subject to earlier termination in accordance with the terms of the Consulting Agreement. 


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The Company will pay to Mr. Wittmeyer a consulting fee of $15,000 per month.


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The business protection covenants set forth in the Prior Employment Agreement will continue during the term of the Consulting Agreement and for a period of two years thereafter.


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Except as specifically amended by the Consulting Agreement, the terms of the Prior Employment Agreement will remain in full force and effect after the Effective Date.


The description of the Consulting Agreement does not purport to be complete and is qualified in its entirety by the full text of the Consulting Agreement, which is filed herewith as Exhibit 10.1.

Mr. Wittmeyer will continue to serve as a member of the Company's Board of Directors.