Marc Spilker, the president of Apollo Global Management LLC (NYSE:APO), has decided to step down from his position as a member of the executive committee of the private equity firm. He will remain as senior advisor until the end of this year.
Spilker believes Apollo Global is well positioned as a public company
“It has been a privilege to work with the exceptionally talented team at Apollo, which has grown into one of the industry’s most successful alternative asset management firms. We’ve accomplished a great deal over the past few years and I believe that the firm is well positioned as a public company for continued success. I am grateful for the unwavering support I’ve received and look forward to remaining close with the firm,” said Spilker in a statement.
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Spilker became president of Apollo Global Management LLC (NYSE:APO) in December 2010 after retiring from his position at Goldman Sachs Group Inc (NYSE:GS) in May that year. He served as co-head of the Investment Management Division (IMD), which include Goldman Sachs Asset Management (GSAM) and Private Wealth Management divisions of the bank for 20 years. He also served as a member of the bank’s firm-wide management committee.
Executive Committee continues to manage APO
According to Apollo Global Management LLC (NYSE:APO), its executive committee will continue to manage its operations. It will rely upon its management committee of senior executives from its investment and infrastructure functions to help in implementing its growth initiatives and managing its daily operations.
The members of the executive committee of Apollo Global Management LLC (NYSE:APO) include chairman and CEO Leon Black, senior managing directors Marc Rowan and Josh Harris.
Black stated that the members of the executive committee are extremely grateful for Spilker’s leadership. According to him, “The firm has benefited from Marc’s deep understanding of the financial industry. Marc leaves a firm that has fulfilled the vision it set for itself to become a successful public company and to put in place the infrastructure and resources it requires. I’m confident that Marc will find great success in whatever he chooses to do next and we wish him all the best.”
Spilker’s departure will have no significant impact on daily operations
Meanwhile, Bulent Ozcan of RBC Capital Markets, LLC suggested Martin Kelly, CFO of Apollo Global Management LLC (NYSE:APO) will probably play a bigger role in executing the company’s investor relations strategy. He also expects a change in APO’s communication strategy. He believes that Spilker’s departure will not have a significant impact on the daily operations of the company.
Apollo Global Management LLC (NYSE:APO) is one of the leading alternative investment manager worldwide. It has approximately $161 billion assets under management (AUM) as of December 31, 2013.