- Push-out Score determined
- After less than two and a half years in the position
- Praise, thanks and good wishes for Kim
- Oleg Movchan taking over temporarily
- Search for a successor
(exechange) — New York, August 22, 2022 — Thomas Kim, chief executive of Enfusion, leaves. As announced by Enfusion Inc. in a news release and in a regulatory filing published on Monday, August 22, 2022, Thomas Kim has left his post as chief executive officer at the provider of cloud-based investment management software, after less than two and a half years in the role, effective August 21, 2022.
Enfusion will undertake a search for a successor.
Thomas Kim’s duties as CEO will be taken over temporarily by Oleg Movchan.
Oleg Movchan has served as: the Chief Investment Officer, Chief Strategy Officer, and Deputy Chief Executive Officer of Revolution Global since November 2014; the managing partner of Gimel Tech Ventures, a private equity and venture capital firm he founded, since November 2018; the managing member of Quiet Light Partners, a proprietary derivatives trading firm, since May 2021; and the Chief Executive Officer of Kameosa Capital, LLC, an asset management advisory firm which provides integrated advisory on business and product strategy, since April 2013.
Already a director
Movchan is already a director of Enfusion. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Movchan understands the expectations and dynamics of the board and has knowledge of Enfusion’s organization, risk-management practices and strategy.
“More time with his family”
Thomas Kim’s departure from the CEO post is explained as follows. Enfusion said: “Mr. Movchan succeeds Thomas Kim, who has resigned as CEO and as a Director of the Company so that he can spend more time with his family.”
Precise information regarding Thomas Kim’s future plans was not immediately available.
“Resigned”
Enfusion said: “Mr. Movchan succeeds Thomas Kim, who resigned as CEO and as a member of the Board of Directors (the “Board”) of the Company on August 21, 2022.”
Share price decline since November 2021
The announcement follows a decline in Enfusion Inc.’s share price of 30% since November 2021.
In the position of CEO since 2020
Thomas Kim became CEO of the Company in 2020.
Kim has been the Company’s Chief Executive Officer since March 2020 and a member of the Company’s Board since 2021.
Previously, Kim led Tassat LLC as its Chief Executive Officer from February 2019 to March 2020 and held a management role at Bridgewater Associates, a hedge fund, from June 2012 to February 2019.
Kim holds a B.S. in Business Administration from The American University, Kogod School of Business.
At the time of Thomas Kim’s appointment as Chief Executive Officer at Enfusion, Thomas Kim had stated: “It’s an honor to become the CEO of this amazing company and join a global team that is dedicated to serving investment managers as a partner to help them achieve their goals. With its recent product expansion, including the development of a managed services and data analytics offering, Enfusion has established itself as a leader in the investment management technology space. Enfusion’s success at simplifying the complex asset management industry through thoughtful innovation and a cutting-edge technology solution proves there is no limit on the impact that it can have within the capital markets space. The Enfusion team is full of passionate individuals who have brought the firm to where it is today and who are prepared to support its future growth. I look forward to leading this organization into its next phase.”
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Thomas Kim’s move on a scale of 0 to 10.
exechange reached out to Enfusion and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 35.2022 ($).