What You Need to Know
- Marc Rowan became Apollo Global Management's CEO on Monday.
- Apollo CEO Leon Black resigned earlier than expected due to inquiries into his ties to Jeffrey Epstein, reports say.
- The firm recently merged with Athene, a large life insurer.
Former Securities and Exchange Commission Chairman Jay Clayton has been named nonexecutive board chair of Apollo Global Management.
Apollo co-founder Marc Rowan assumed the role of CEO on Monday as part of a planned succession process the firm announced in January.
Clayton also serves as Apollo’s lead independent director.
Rowan and Clayton succeed Apollo co-founder Leon Black, who unexpectedly resigned Monday. His departure was supposed to come before July 31.
Reports said Black’s resignation was due to inquiries into his ties with the now-deceased Jeffrey Epstein.
“I am extremely pleased that we have filled out the two-thirds independent board with such highly qualified, diverse individuals,” Black said Monday in a statement.