Ken Ahn
About Ken Ahn
Kenneth (Ken) Ahn, age 47, is Hagerty’s President of Marketplace and President of Broad Arrow Group, the company’s live auction platform, roles he has held since January 2022 after Hagerty consolidated its collector-car marketplace strategy around Broad Arrow and related assets . He previously served as President of RM Sotheby’s (2016–2021), led corporate strategy at Sotheby’s (2014–2016), and worked in Goldman Sachs’ Investment Banking Division (2007–2014); he holds an AB in Economics from Harvard College and an MBA from Harvard Business School . At the company level, Hagerty’s 2024 NEO annual incentive plan paid out at 72.6% of target based on Adjusted EBITDA (37.5%), Operating Income (37.5%), and Total Revenue Growth (25%), underscoring a performance-weighted culture that likely informs Marketplace leadership accountability even though Ahn is not a named executive officer (NEO) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Hagerty, Inc. | President, Marketplace | 2022–present | Leads Hagerty’s end-to-end Marketplace platform, integrating auctions, private sales, and data/services under a unified growth strategy . |
| Broad Arrow Group (Hagerty subsidiary) | President (founder/CEO pre-acquisition) | 2022–present | Built and scaled live auction capability; Hagerty acquired the remaining interests in Aug 2022 to make Broad Arrow a wholly owned unit supporting Marketplace expansion . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| RM Sotheby’s | President | 2016–2021 | Led premier collector-car auction house operations, directly relevant to Hagerty’s Marketplace strategy . |
| Sotheby’s (NYSE: BID at the time) | SVP, Strategy & Corporate Development | 2014–2016 | Corporate strategy/M&A work applicable to scaling enthusiast asset platforms . |
| Goldman Sachs (Investment Banking Division) | Vice President (Industrials/M&A) | 2007–2014 | Transaction and capital markets expertise supporting Marketplace growth and partnerships . |
Fixed Compensation
- Not disclosed for Ahn. He is not a named executive officer (NEO) in Hagerty’s 2024–2025 proxy disclosures; base salary, target bonus %, and fixed-pay mix are therefore not itemized for him .
Performance Compensation
- Company plan design (NEOs): For 2024, annual incentives were tied to Adjusted EBITDA (37.5%), Operating Income (37.5%), and Total Revenue Growth (25%), paying at 72.6% of target overall; individual NEO payouts were adjusted within policy discretion (e.g., CEO 100% of 72.6%, CFO/CIO 125% of 72.6%) .
- Long-term equity design (NEOs): In 2024, the company used a 50:50 mix of time-vested RSUs and PRSUs; PRSUs are earned on a three-year Aggregate Adjusted Operating Income goal (2024–2026) with a 35%–200% payout curve; RSUs vest ratably over 3 years .
- Change-in-control treatment (NEOs): Double-trigger vesting for time-based RSUs upon involuntary termination without cause within 24 months post-CIC; PRSUs convert to “Earned PRSUs” based on pre-CIC performance and vest on involuntary termination without cause post-CIC .
Note: Hagerty’s proxy presents these mechanics for named executive officers; Ahn’s individual bonus targets/equity grants are not disclosed. However, these structures typically inform senior executive incentives company-wide .
2024 NEO Annual Incentive Metrics and Outcome
| Metric | Weight | Outcome/Payout |
|---|---|---|
| Adjusted EBITDA | 37.5% | Rolled into the 72.6% of target company payout, with individual discretion applied by the Board . |
| Operating Income | 37.5% | Rolled into the 72.6% of target company payout, with individual discretion applied by the Board . |
| Total Revenue Growth | 25.0% | Rolled into the 72.6% of target company payout, with individual discretion applied by the Board . |
2024 NEO PRSU Framework (Long-Term)
| Feature | Details |
|---|---|
| Performance Metric | Aggregate Adjusted Operating Income (2024–2026) . |
| Payout Curve | 35% (threshold at 70% of target) to 200% (max at 150% of target) of target PRSUs . |
| Service Condition | Continued employment through determination date following performance period . |
| CIC | Committee may determine Earned PRSUs pre-CIC; vest on qualifying termination post-CIC . |
Equity Ownership & Alignment
- Beneficial ownership: Ahn is not listed among named executive officers or directors in the beneficial ownership tables; the proxy therefore does not disclose his share count or ownership percentage .
- Hedging/pledging: Directors/officers are prohibited from hedging Hagerty stock and from pledging it as loan collateral without prior written approval from the Board and Chief Legal Officer, reducing misalignment and forced-sale risk .
- Clawback: Hagerty maintains a NYSE- and Rule 10D-compliant clawback covering incentive compensation linked to financial reporting measures for the three fiscal years preceding any restatement, applied to current/former Section 16 officers .
Employment Terms
- Employment agreement: No individual employment agreement or severance/CIC terms are disclosed for Ahn; he is not presented in the employment arrangements section that covers CEO/CFO and select NEOs .
- Restrictive covenants: While Ahn’s specific covenants are not disclosed, equity awards company-wide carry restrictive covenants and vesting conditions (for NEOs), and change-in-control provisions are double-trigger for time-based RSUs .
Related Party Transactions and Policies
- Marketplace activity: In 2024, Ahn purchased and sold vehicles via Hagerty Marketplace totaling approximately $784,000 (ordinary-course related-party activity) .
- Oversight/policy: Related-party transactions are reviewed under a Board-adopted policy; certain transactions—including vehicle purchases/sales and insurance—are pre-approved if on terms generally available to unrelated third parties and discounts no more favorable than those offered to full-time employees .
Performance & Track Record
- Strategic execution: Ahn leads Hagerty Marketplace and heads Broad Arrow Group; Hagerty acquired the remaining interests in Broad Arrow in August 2022 to bring live auctions in-house, consolidating Marketplace capabilities across auctions, private sales, and dealer software/content (including the 2022 Speed Digital acquisition) .
- Company performance linkage: The 2024 company incentive payout at 72.6% of target reflects partial attainment vs. financial targets, signaling a pay-for-performance posture that frames Marketplace execution incentives under Ahn’s remit (though his specific payout/targets are not disclosed) .
Governance & Policies Relevant to Alignment
- Controlled company: Hagerty is a NYSE “controlled company” with Hagerty Holding Corp. holding >50% voting power via super-voting Class V; this structure centralizes control but is stable for long-term strategy .
- Ownership guidelines (context): CEO and directors have stock ownership guidelines (CEO 6x salary; directors 5x retainer), indicating emphasis on alignment at the top; these guidelines are not specified for other executives .
Risk Indicators & Red Flags
- Conflicts/related party: Ahn’s own Marketplace transactions are disclosed and covered by policy; investors should monitor for continued related-party volume and ensure arm’s-length terms .
- Hedging/pledging protection: Anti-hedging and restricted pledging reduce misalignment risks common in insider liquidity management .
- Clawback: Financial-restatement clawback coverage for Section 16 officers is in place, supporting accountability .
- Disclosure gap: Absence of Ahn-specific compensation and ownership details limits precision in assessing his direct pay-performance alignment versus peers/market .
Investment Implications
- Pay-performance alignment: While Ahn’s individual pay is undisclosed, Hagerty’s executive incentive architecture is heavily financial (Adj. EBITDA/Operating Income/Revenue growth short-term; multi-year Adjusted Operating Income long-term), which should reinforce Marketplace profitability and scale discipline under his leadership .
- Retention risk: Lack of disclosed severance/CIC specifics for Ahn suggests standard executive protections may apply but are not public; given Ahn’s centrality to Marketplace value creation, investors should watch for retention actions (e.g., bespoke RSUs/PRSUs) or disclosures in future proxies .
- Trading signals: The company’s anti-hedging/limited-pledging framework and related-party transaction oversight reduce the likelihood of undisclosed hedging pressure or forced sales; however, monitoring any Form 4 activity (if/when filed) would be prudent to assess insider sentiment and potential selling pressure .
- Governance stability: Controlled-company status and strong partner relationships (Markel, State Farm) provide strategic continuity for Marketplace initiatives; however, they also concentrate governance, which investors should balance against execution progress and financial outcomes .
Sources: Hagerty DEF 14A 2025 (Executive Officers; Compensation; Related Party Transactions; Governance; Ownership) ; DEF 14A 2024 (Executive Officers; Related Party transactions; Marketplace/Speed Digital disclosures) ; DEF 14A 2023 (Broad Arrow acquisition details) .