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Marc Rowan will remain CEO of Apollo Global Management for the next five years, cementing his leadership of the $700 billion investment powerhouse that is aggressively pushing to become a cornerstone of global financial markets.
Rowan, a competitor in December who was Donald Trump’s treasury secretary before the president-elect chose Scott Bessent, is completing a five-year contract extension as part of a broader management shakeup that will further clarify Apollo’s leadership in the coming years.
The new deal will put to rest any speculation that Rowan could be leaving soon Apollo after surprising Wall Street by seriously considering a role in the Trump administration and even cutting short a trip to Asia in mid-December to speak with the president-elect at Mar-a-Lago.
“We are finalizing a five-year extension of Marc’s leadership of the company,” said Jay Clayton, the Apollo chairman who was nominated by Trump to lead the U.S. Attorney’s office for the Southern District of New York.
Wall Street is currently mired in several complex and tense succession races. This week, both JPMorgan and BlackRock saw top executives depart, further clouding the battles to succeed CEOs Jamie Dimon and Larry Fink.
Apollo clarified the leadership of its key business lines, which include credit investments, insurance and buyouts, in recent years.
Since then, Rowan has been CEO succeeding founder Leon Black 2021 Apollo promoted two top executives on Wednesday, solidifying Rowan’s key aides as it embarks on growth 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 the asset management operations of Apollo and its fast-growing underwriter Athena.
John Zito, head of credit at Apollo, will be promoted to co-president of asset management operations, taking over the role vacated by Zelter. Zito will work with current co-chairman Scott Kleinman and continue to serve as head of credit, which accounts for more than 80 percent of Apollo’s $733 billion in assets under management.
If Rowan had been named Treasury secretary, both Zelter and Kleinman would have been named co-heads of Apollo, according to people familiar with the matter. Zito’s rise is further fueled by his rapid rise within the New York-based investment group.
“At Apollo, we’re rich in talent,” Rowan said. “These senior leadership appointments reflect that and will support our continued evolution as a next-generation financial services company.”
