Marc Rowan will stay on as CEO of Apollo Global Management for the next five years, cementing his leadership of the $700 billion investment giant as it aggressively pushes Become the cornerstone of the global financing market.
Rowan was a contender for Donald Trump's Treasury secretary last December before the president-elect chose Scott Bessent. Rowan is finalizing a five-year contract extension as part of a wider management shake-up that will further clarify Apollo's leadership role in the coming years.
The new contract will eliminate any speculation that Rowan may soon leave Apollo, after he seriously considered a role in the Trump administration and even cut short a trip across Asia in mid-December to interview the president-elect in March. Wall Street was surprised. lago.
“We are finalizing a decision to extend Mark’s leadership of the company for another five years,” said Apollo Chairman Jay Clayton, Trump’s nominee to lead the U.S. Attorney’s Office for the Southern District of New York.
Wall Street is currently locked in several complex and fraught succession races. Executives at JPMorgan Chase and BlackRock both departed this week, further confusing the succession battles for CEOs Jamie Dimon and Larry Fink, respectively.
In recent years, Apollo has defined its leadership position in key business areas such as credit investments, insurance and acquisitions.
Rowan has been CEO since 2021, succeeding founder Leon Black. Apollo promoted two top executives on Wednesday, cementing Rowan's role as his top lieutenant as the company begins a growth push with a goal of doubling its assets by 2029.
Jim Zelter has been promoted to the newly created position of president and will work closely with Rowan to oversee Apollo's asset management business and its fast-growing insurance company, Athene.
John Zito, Apollo's head of credit, will be promoted to co-president of asset management, taking over the position vacated by Zelter. Zito will work with current co-president Scott Kleinman and continue as head of credit, which accounts for more than 80% of Apollo's $733 billion in assets under management.
If Rowan is nominated as Treasury secretary, both Zelter and Klayman would be named co-chief executive officers of the Apollo program, according to people familiar with the matter. Zito's promotion furthers his meteoric rise within the New York-based investment group.
"Apollo has a wealth of talent," Rowan said. “These senior leadership appointments reflect that and will support our continued growth as a next-generation financial services company.”