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The co-founder of Apollo Global Management Inc (NYSE: APO), Josh Harris, will step down from his day-to-day role at the firm, according to a Wall Street Journal story.
Harris along with Leon Black and Marc Rowan founded the New York headquartered firm in 1990. Rowan currently serves as the CEO of the company.
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Apollo is a global alternative asset manager and had $461 of assets under management as of March 31, 2021. Shares of the company are currently trading at around $57 and are up 19% year-to-date.
Management’s take on the transition
Harris currently serves as a senior managing director at the firm. He will continue in his current role till the closing of Apollo’s acquisition of the insurance provider Athene Holding Ltd. (NYSE: ATH), which is expected to be completed in the first quarter of 2022. Harris will continue to serve on Apollo’s Board of Directors and its executive committee.
“Josh has been an amazing partner and it has been my privilege to work side by side with him for nearly 35 years as we helped build the firm into a leading financial services company,” said Rowan.
And Harris said the following regarding his eventual departure from the company:
“After nearly 31 years at Apollo, it is time for me to start the next chapter of my career, where I will focus full-time on the platforms I’ve created outside of the firm as well as deepen my commitment to philanthropy and social impact.”
Harris will focus on building his multi-asset-class investing business, his family foundation and HBSE, a sports and entertainment company.
