Business Context and Reporting Period
This Form 8-K Current Report was filed by Marcus & Millichap, Inc. (NYSE: MMI) on March 21, 2025. The filing addresses Item 5.02 regarding the departure of a senior officer and the appointment of a replacement.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
- Resignation: Kurt Schwarz, Chief Accounting Officer and Principal Accounting Officer, notified the Company of his retirement effective March 24, 2025. He will remain employed until April 18, 2025.
- Appointment: Fabrice De Bosschère was appointed as acting Chief Accounting Officer and Principal Accounting Officer effective March 25, 2025, with a formal appointment by the Board of Directors scheduled for May 1, 2025.
- Reason for Departure: The Company explicitly states there were no disagreements between Mr. Schwarz and the Company, and the departure is not related to any financial or accounting operations, policies, or practices.
Management Commentary and Compensation
Mr. De Bosschère, 48, has served as First Vice President, Corporate Controller since January 2022. Prior to joining Marcus & Millichap, he spent 16 years at Publicis Groupe, including roles as CFO in South Korea, India, and Canada. His compensation package includes:
- Annual base salary: $300,000.
- Target annual cash bonus: $125,000.
- Restricted Stock Units (RSUs): Eligible to receive RSUs equal to up to 20% of his actual cash bonus, vesting over a five-year period.
The filing confirms no family relationships between Mr. De Bosschère and any director or executive officer, and no undisclosed material interests in transactions.
Investor Verification Checklist
- Verify the formal appointment of Fabrice De Bosschère by the Board of Directors on May 1, 2025.
- Confirm the transition timeline for the Chief Accounting Officer role between March 24 and April 18, 2025.
- Review upcoming quarterly filings to ensure continuity in financial reporting and internal controls under the new leadership.