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Marc Rowan will remain as chief executive of Apollo Global Management for the next five years, cementing his leadership of the $700bn investment powerhouse as it pushes aggressively to become a cornerstone of global financing markets.
Rowan, a contender in December to be Donald Trump’s Treasury secretary before the president-elect picked Scott Bessent, is finalising a five-year contract extension as part of a broader management shake-up that will further clarify Apollo’s leadership for the coming years.
The new contract will put to bed any speculation Rowan could soon leave Apollo after he surprised Wall Street by seriously considering a role in the Trump administration and even cut short a trip across Asia in mid-December to interview with the president-elect at Mar-a-Lago.
“We are finalising a five-year extension of Marc’s leadership of the firm,” said Jay Clayton, the Apollo chair who has been nominated by Trump to lead the federal prosecutor’s office for the Southern District of New York.
Wall Street is currently mired in several complex and fraught succession races. This week, both JPMorgan and BlackRock saw top executives depart, further muddying the succession battles for chief executives Jamie Dimon and Larry Fink, respectively.
Apollo has clarified the leadership of its key business lines spanning credit investments, insurance and buyouts in recent years.
Rowan has been chief executive since succeeding founder Leon Black in 2021. Apollo on Wednesday promoted two top executives, solidifying Rowan’s key lieutenants as it embarks on a growth push aimed at doubling its assets by 2029.
Jim Zelter has been elevated to the newly created role of president and will work closely with Rowan, overseeing Apollo’s asset management operations and its fast-growing insurer, Athene.
John Zito, head of credit at Apollo, will be promoted to co-president of asset management operations, assuming the role Zelter is vacating. Zito will work with current co-president Scott Kleinman and continue to act as head of credit, which accounts for more than 80 per cent of Apollo’s $733bn in assets under management.
Had Rowan been nominated as Treasury secretary, both Zelter and Kleinman would have been named co-chiefs of Apollo, according to people briefed on the matter. The elevation of Zito further propels his speedy rise inside the New York-based investment group.
“We are rich for talent at Apollo,” said Rowan. “These senior leadership appointments reflect that and will support our ongoing evolution as a next-generation financial services firm.”
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