Apollo gives its boss Mark Rowan five more years

Open the editor’s digest for free

FT editor Rula Khalaf picks her favorite stories in this weekly newsletter.

Mark Rowan will remain CEO of Apollo Global Management for the next five years, strengthening his leadership of the $700 billion investment powerhouse as he strives to become a cornerstone of global financial markets.

Rowan, A Contestant in December As President-elect Scott Besant completes a five-year contract extension to be Donald Trump’s Treasury secretary, he will make clear Apollo’s leadership for the coming years.

The new contract leaves speculation that Rowan could leave soon. Apollo After surprising Wall Street by seriously considering a role in the Trump administration, he cut short a trip across Asia in mid-December to interview the president-elect at Mar-a-Lago.

“We are completing a five-year extension of Mark’s leadership of the company,” said Apollo Chairman Jay Clayton, Trump’s nominee to lead the federal attorney’s office for the Southern District of New York.

Wall Street is currently involved in several complex and multi-series runs. This week, both JPMorgan and BlackRock saw CEOs depart, further sizzling the bidding war for CEOs Jamie Dimon and Larry Fink, respectively.

Apollo has clarified the leadership of its key business lines in recent years, which include credit investments, insurance and acquisitions.

Rowan has been the CEO since He was succeeded by the founder, Leon Black In the year in 2021. Apollo on Wednesday promoted two top executives, strengthening Rowan’s key lieutenants as it begins a growth push to double its assets by 2029.

Jim Zelter has been promoted to the newly created role of president and will work closely with Rowan, overseeing Apollo’s asset management operations and the rapidly growing insurer Athena.

John Zito, Apollo’s head of credit, will be promoted to co-president of asset management operations, assuming Zelter’s role is relinquished. Zito will work alongside current co-president Scott Kleinman and will continue to serve as chief credit officer, which accounts for more than 80 percent of Apollo’s $733 billion in assets under management.

If Rowan had been selected as Treasury secretary, both Zelter and Kleinman would have been named Apollo executives, according to people briefed on the matter. Zito’s elevation spurs rapid growth at the New York-based investment group.

“At Apollo, we’re rich in talent,” Rowan said. “These senior management appointments reflect that and support our continued evolution as a next-generation financial services company.”