Fabrice De Bosschère
Marcus & MillichapAbout Fabrice De Bosschère
Fabrice De Bosschère is Marcus & Millichap’s acting Chief Accounting Officer and Principal Accounting Officer (appointed March 25, 2025; formal appointment effective May 1, 2025). He previously served as First Vice President, Corporate Controller (since January 2022), and has 16+ years of international finance leadership at Publicis Groupe across Korea, India, Canada, and the Americas. He holds a master’s in law and private asset management from Université d'Orléans; age 48 and based in Southern California . Company performance context: FY2024 revenue was $696M with a net loss of $12.4M, and pre-tax net loss of $13.0M; Company TSR value (fixed $100 since 12/31/2019) ended 2024 at $109.31 .
Company performance (during and around his MMI tenure)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (USD Millions) | $104.2 | $(34.0) | $(12.4) |
| Pre-Tax Net Income (USD Millions) | $142.0 | $(40.4) | $(13.0) |
| Company TSR – Value of $100 at Year-End | $95.24 | $123.12 | $109.31 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Marcus & Millichap | First VP, Corporate Controller | Jan 2022–Mar 2025 | Led corporate accounting, SEC reporting, internal controls prior to CAO appointment . |
| Publicis Groupe (Global) | CFO (South Korea, India, Canada); VP Finance Americas | Dec 2009–Jan 2016 (CFO); Jan 2019–Dec 2021 (VP Finance) | Ran regional finance ops, M&A integration, shared services optimization . |
External Roles
No public company directorships or board committee roles disclosed for De Bosschère .
Fixed Compensation
| Component | Amount | Effective | Notes |
|---|---|---|---|
| Base Salary | $300,000 | 2025 | Continuation in CAO role. |
| Target Annual Cash Bonus | $125,000 | 2025 | Actual payout contingent on goals (not disclosed). |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash Bonus | Financial/strategic goals | Not disclosed | $125,000 | Not disclosed | Cash (annual). |
| RSUs (as % of bonus) | Actual cash bonus | N/A | Up to 20% of actual bonus | Not disclosed | Vests over 5 years . |
| Clawback | Restatement/improper conduct | N/A | Policy-based | Recovery of performance-based comp; may extend to time-based equity at Committee discretion | Applies to executive officers (Section 16) . |
Additional context: Beginning FY2025, the Company added PSUs for NEOs (50% of LTI) tied to 3-year revenue and Adjusted EBITDA goals with 0–200% payout; the RSUs vest in four yearly tranches . While De Bosschère is not listed as an NEO, the firm-wide shift indicates greater pay-for-performance emphasis.
Equity Ownership & Alignment
- Stock ownership guidelines: Executive officers and senior executives must hold company stock valued at 3x base salary within 5 years; retention requirements apply until compliance is met .
- Hedging/pledging prohibited: Executives, directors, employees and designated consultants are barred from hedging, shorting, margining or pledging company stock; quarterly blackout windows and pre-clearance requirements apply to insiders .
- Beneficial ownership: No individual ownership disclosure for De Bosschère in the principal stockholders/NEO table; at FY2025 record date, major holders include Phoenix (36.1%) and BlackRock/Vanguard (~10% each) .
Employment Terms
| Term | Detail |
|---|---|
| Appointment | Acting CAO/PAO March 25, 2025; formal appointment May 1, 2025 . |
| Responsibilities | Principal accounting officer for SEC purposes; corporate accounting, financial reporting, internal controls . |
| Change-in-Control Policy (executive officers) | Double-trigger within 12 months post-CoC: cash severance (12 months’ base + target bonus), RSU acceleration, COBRA premiums up to 12 months, and up to $25,000 outplacement; no 280G/4999 tax gross-ups . |
| Insider Trading Policy | Blackout periods, pre-clearance for officers/directors, and strict anti-hedging/pledging/margin rules . |
Investment Implications
- Alignment and retention: Five-year RSU vesting linked to actual bonus (up to 20%) promotes long-term retention and reduces near-term selling pressure; stock ownership guidelines and anti-hedging/pledging strengthen alignment .
- Governance and clawbacks: Robust compensation recovery policy and pre-clearance/blackout requirements mitigate compliance and reputational risks—important for a principal accounting officer overseeing reporting controls .
- Performance backdrop: FY2024 was a recovery year in activity with revenue up 8% to $696M but still a net loss; TSR retraced to $109.31 at year-end, emphasizing the importance of execution on cost control, transaction velocity, and financing breadth—areas influenced by effective reporting and control frameworks under the CAO .
- CoC economics: Double-trigger severance with full RSU acceleration (if awards not assumed/substituted) reduces retention risk in strategic transactions but limits golden parachute concerns (no tax gross-ups) .
Note: Specific annual bonus performance metrics, payout outcomes, and personal equity holdings for De Bosschère are not disclosed. Company-wide changes to LTI design (addition of PSUs tied to revenue/Adjusted EBITDA for FY2025) reflect stronger pay-for-performance, though NEO-only at disclosure .
Sources
- Appointment, role, compensation terms: 8-K (Item 5.02) March 27, 2025 .
- Company performance, revenue, and TSR: DEF 14A (Compensation tables and Pay vs Performance) March 19, 2025 .
- Clawback policy and ownership guidelines: DEF 14A .
- Insider trading/hedging/pledging prohibitions: 10-K Insider Trading and Disclosure Policy (Exhibit 19.1) Feb 27, 2025 .