Apollo Global taps former SEC chief for CEO spot
Apollo Global Mgmt Llc
n/a
10:59 18/04/24
Private equity firm Apollo Global Management has hired former Securities and Exchange Commission head Jay Clayton as part of an effort to reform the group's image following the departure of chief executive Leon Black in the wake of a probe into his ties to convicted sex offender Jeffrey Epstein.
Apollo said Clayton was chosen due to the "exceptional breadth" of his professional experience, as well as his deep knowledge and understanding of private and public capital markets.
It also comes roughly a month after an independent investigation of founder Leon Black found no wrongdoing in his relationship with Jeffrey Epstein after it emerged Black had paid Epstein $158.0m over a period of five years.
While the former CEO stood down back in July 2020, he will remain with Apollo as its chairman.
Apollo added that it would continue to expand and enhance its board with additional directors, including increasing the independence of the board.
As of 1600 GMT, Apollo shares were down 2.41% at $50.68 each.