Add Apollo Global Management to the assembly of private equity shops shaking up their leadership teams. But don't expect Leon Black and the firm's other co-founders to be leaving anytime soon.
The firm has announced that Scott Kleinman, Apollo's lead partner for private equity, and James Zelter, its head of credit, have been named co-presidents effective January 1, 2018. Their duties will include overseeing all of the firm's revenue-generating and investing businesses in their respective fields of expertise. Black, Apollo's chairman and CEO, and the firm's senior managing directors and other co-founders, Josh Harris and Marc Rowan, will all continue in their current roles.
PE firms with aging founders have felt pressure to reveal succession plans. But Apollo has been somewhat immune to the scrutiny, per The Financial Times, because Black, at 66, isn’t as old as some of his counterparts.
In the meantime, more responsibility will be given to Kleinman, 44, who's been at Apollo since 1996 and the lead partner for its private equity division since 2009. Zelter, 55, joined Apollo in 2006 and before that, served as a chief investment officer at Citigroup. In addition to his role as MD of the firm's credit business, he's the CEO and director of Apollo Investment Corporation and a member of Apollo's management committee alongside Kleinman.