Marc Rowan assumes role of CEO of Apollo
NEW YORK, March 22, 2021 (GLOBE NEWSWIRE) – Apollo Global Management, Inc. (NYSE: APO) (“Apollo” or “the“ Company ”) today announced that co-founder Marc Rowan has officially assumed the role CEO of Apollo, which is part of a planned succession process first announced in January 2021. In addition, former SEC chairman and lead independent director of Apollo, Jay Clayton, was named non-chairman executive board. In these roles, Rowan and Clayton succeed Apollo founder Leon Black. Apollo also appointed Richard Emerson and Dr Kerry Murphy Healey as independent directors of the board, effective immediately.
Apollo founder Leon Black said: “I am extremely pleased that we have made up two-thirds of the independent board of directors with such highly qualified and diverse people. Over the past few months, not only have we announced a transformative merger with Athene, but we also expect to report that our Q1 earnings will exceed analyst consensus in all relevant metrics and Q1 fundraising is trending. up to our -20b annual range. So I see this as the perfect time to take a step back and focus on my family, my wife Debra and my health issues, and my many other interests.
“Marc has transitioned seamlessly to CEO and I have no doubts that Apollo will reach new heights under his leadership. He’ll be in great company alongside seasoned leaders Jim Zelter and Scott Kleinman, ”continued Black. “Over the past 30+ years my co-founders, Marc, Josh Harris and I have worked extremely hard to make Apollo a franchise built for lasting success. I firmly believe that the best days of Apollo are yet to come. I intend to remain Apollo’s largest shareholder and its strongest supporter.
Apollo Co-Founder and CEO Marc Rowan said, “Leon has been a tremendous partner and leader for over three decades and I am honored to take the reins. At Apollo, we’ve created a differentiated model and built the best team in the industry to lead in a fast-growing and growing asset management industry. I am excited about the opportunities ahead and our strategy to continue to deliver to our clients and investors. “
Appointments to the Board
As part of the corporate governance improvements underway at Apollo, including the conversion to a single class of common stock with one vote per share, Apollo previously announced a planned expansion of its board of directors to 15 members. , two-thirds of which are independent. In addition to appointing Jay Clayton as chairman, Richard Emerson and Dr Kerry Murphy Healey will join the board as independent directors.
Jay Clayton said, “It is an honor to serve Apollo investors as Chairman and to strengthen the founders’ commitment to leading shareholder-focused governance,” said Clayton. “I am also delighted to welcome Kerry and Richard to the Board of Directors. They will bring additional perspective and expertise to an already strong and diverse group of directors.
Mr. Emerson has spent his entire career in investment banking and corporate finance. He is currently President of Pendral Capital, where he invests and advises technology clients on strategic transactions. From 2004 to 2008, he was Senior Managing Director of Evercore Partners Inc., a public investment banking consultancy, where he established and headed the West Coast office. Prior to Evercore, Mr. Emerson served as Senior Vice President, Corporate Development and Strategy, Microsoft Corporation, reporting directly to the President and CEO and being part of the executive team, with responsibility for all acquisitions, investments, strategic partnerships and corporate strategy. . Mr. Emerson joined Microsoft after working for investment bank Lazard Ltd., where, as senior managing director, he established and led the West Coast office and advised clients on mergers, acquisitions and transactions. financial associated. Prior to Lazard, Mr. Emerson held senior positions with the Blackstone Group and Morgan Stanley & Co. Mr. Emerson holds BA and MA in Economics, a JD from the University of Stanford and an MBA from Dartmouth College.
Dr Healey is the first president of the Milken Center for Advancing the American Dream in Washington, DC. Dr Healey was President of Babson College from 2013 to 2019. Prior to joining Babson, she served with distinction as the 70th Lieutenant Governor of Massachusetts from 2003 to 2007, where she worked to lead, adopt and implement a wide range of policy and legislative initiatives for the Romney-Healey administration. In 2008, Dr Healey was appointed by Secretary of State Condoleezza Rice as a founding member of the executive committee of the US Department of State’s Public-Private Partnership for Justice Reform in Afghanistan (PJRA), a position in which she was then reappointed by Secretary of State Hillary Clinton. Prior to entering public service, Ms. Healey worked for over a decade as a public policy consultant with the United States Department of Justice for Cambridge-based think tank Abt Associates. Dr Healey holds a BA in Public Administration from Harvard College and a PhD in Political Science and Law from Trinity College Dublin. She was a fellow of the Institute of Politics at Harvard Kennedy School and the Center for Public Leadership at Harvard. She is a member of the Council on Foreign Relations and the Trilateral Commission, and a director of the American University of Afghanistan and the American University of Bahrain.
The improvements in corporate governance reinforce Apollo’s commitment to establishing a simpler and more transparent corporate structure and, when completed, should make Apollo eligible for inclusion in the S&P 500.
Apollo is a leading global investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo, between others. Apollo had approximately $ 455 billion in assets under management as of December 31, 2020 in credit, private equity and real asset funds. For more information on Apollo, please visit www.apollo.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, without limitation, discussions related to Apollo’s expectations regarding its business performance, liquidity and capital resources and other non-historical statements in the discussion and analysis. These forward-looking statements are based on the beliefs of management, as well as on the assumptions made by management and on the information currently available to it. When used in this press release, the words “believe”, “anticipate”, “estimate”, “expect”, “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it cannot guarantee that these expectations will prove to be correct. It is possible that actual results will differ, perhaps materially, from the anticipated results shown in these statements. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to Apollo’s reliance on certain key personnel, Apollo’s ability to raise new private equity funds, credit or real assets, the impact of COVID-19, the impact of the energy market dislocation, market conditions, in general, Apollo’s ability to manage its growth, fund performance , changes in the regulatory environment and tax status of Apollo, variability in Apollo’s revenue, net income and cash flow, Apollo’s use of leverage to fund its operations and Apollo fund investments, litigation risks and potential governance changes and related transactions that are subject to regulatory, corporate and shareholder approvals, among others. Due to the COVID-19 pandemic, there have been uncertainties and disruptions in the global economy and financial markets. Although Apollo is unable to accurately predict the full impact COVID-19 will have on Apollo’s operating results, financial condition, liquidity and cash flow due to many uncertainties, including the duration and the severity of the pandemic and the containment measures, Apollo’s compliance with these measures have impacted Apollo’s day-to-day operations and could disrupt Apollo’s business and operations, as well as those of the Apollo Funds and their holding companies, for an indefinite period. Apollo believes that these factors include, but are not limited to, those described in the section titled “Risk Factors” in Apollo’s Annual Report on Form 10-K filed with the SEC on February 19, 2021, because these factors may be updated from time to time in Apollo’s Periodic Filings with the SEC, which are available on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other caveats included in this press release and other documents. Apollo assumes no obligation to update or publicly review forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer from any Apollo Fund.
For investors, please contact:
Head of Investor Relations
Global management of Apollo, Inc.
+1 212 822 0528
For media inquiries, please contact:
Global Head of Corporate Communications
Global management of Apollo, Inc.
+1 212 822 0491