CFO THOUGHT LEADER1 Mar 2023

877: One Career’s Transaction Milestones | Gary Zyla, CFO, AssetMark

It was the type of CFO position that Gary Zyla probably would not have been able to find outside of Genworth Financial, a financial services company that he had first joined in 2004.

Not that his resume didn’t already have some solid CFO prerequisites, but the leadership challenge that Zyla was about to take on was less about capital management and more about establishing the business functions required to run a business day by day.

“Genworth said, ‘Look, this is a very broad role—we’re going to take a leap of faith with you,’” recalls Zyla, whose appointment as CFO of Genworth’s newly formed California-based subsidiary came 7 years after he had first joined the company.

Still, what happened next was arguably the most pivotal moment of Zyla’s career, as in 2013—2 years after he had relocated to California to better fulfill his CFO duties—Genworth announced plans to sell his division to a private equity firm.

“Once it was sold, I was the CFO of this 350-person privately held business,” continues Zyla, who subsequently began reporting to the company’s private equity owner.

“The new owners were very clear to me about what they wanted the business to be,” comments Zyla, who reports that the owners would ultimately earn four-and-a-half times their original investment before selling the business known as AssetMark to Huatai Securities Co. Ltd. in 2016.

Besides the two private equity ownership transactions (2013, 2016), Zyla’s CFO career has also spanned an IPO (2019) and six different acquisitions within the past 7 years—which is not bad at all for a finance leader who has yet to look outside his company for opportunities. - Jack Sweeney

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