Brian Leach
Director at APO
Board
About Brian Leach
Independent director of Apollo Global Management, Inc. (AGM), age 66; appointed effective March 1, 2025. He serves on the Audit Committee and the Nominating & Corporate Governance Committee, and is designated an “audit committee financial expert.” He holds a B.A. in economics from Brown University and an M.B.A. from Harvard Business School, and twice received “Risk Manager of the Year” honors (Risk Magazine; Global Association of Risk Professionals) for LTCM liquidation and Citigroup restructuring work. Board tenure is under one year.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Citigroup | Head of Franchise Risk & Strategy | 2013–2015 | Managed global risk, audit, compliance, strategy across Citibank |
| Citibank | Chief Risk Officer | 2008–2012 | Led firm-wide risk during post-GFC restructuring; GARP Risk Manager of the Year recognition |
| Old Lane | Co-Chief Operating Officer & Chief Risk Officer | 2005–2008 | Co-founded with ex-Morgan Stanley colleagues; platform operations and risk |
| Morgan Stanley | Institutional Securities Risk Manager; Proprietary Trading | Pre-2005 | Reported to ISB President; seconded to LTCM for ~1 year as one of six managers overseeing liquidation by consortium of 14 banks |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Athene Holding Ltd. (AHL) | Director | Since Aug 2016 | Member of Risk and Audit Committees |
| Mountain Capital | Advisor Investment Committee | N/A | Advisor committee member |
Board Governance
- Committees: Audit (member; audit committee financial expert); Nominating & Corporate Governance (member). Audit Committee met 8 times in 2024; all members determined independent and financially literate.
- Independence: AGM Board determined Brian Leach is independent under NYSE and AGM guidelines.
- Attendance/Engagement: AGM Board held 4 meetings in 2024; each director (serving then) attended ≥75% of Board/committee meetings; 14 directors attended the 2024 annual meeting. Leach joined March 1, 2025; standard expectation to attend Board, committee, and annual meetings applies. Executive sessions of independent directors are led by the Lead Independent Director.
- Leadership structure: Combined Chair/CEO with a strong Lead Independent Director; all four key committees are independent.
Fixed Compensation
| Component | Annual Amount | Notes |
|---|---|---|
| Base cash retainer | $150,000 | Paid quarterly; applies to independent directors |
| Lead Independent Director / Independent Chair fee | $100,000 | Incremental to base retainer |
| Committee member fee (incl. ad hoc) | $25,000 | Per committee; paid to members |
| Committee chair fee (incl. ad hoc) | $25,000 | Incremental to member fee |
| Welcome RSU grant | $200,000 | $250,000 for Lead Independent Director/Independent Chair; vest ~July 1 following grant year |
- 2024 director compensation (program context): Independent directors typically received RSU grants around ~$200,000 and cash fees per roles; deferral of RSU settlement is permitted until service ends; unvested director RSUs are not entitled to dividends. Leach was appointed in 2025, so 2024 table does not include him.
Performance Compensation
| Award Type | Grant Value | Vesting | Performance Metrics | Notes |
|---|---|---|---|---|
| Annual director RSUs | Typically ~$200,000 | Time-based; vesting ~July 1 following grant year | None (director RSUs are time-based) | Directors may elect to defer settlement until service ends; unvested RSUs receive no dividends |
Non-employee director compensation at AGM is not tied to revenue/EPS/TSR metrics; RSU awards are time-based to align long-term interests with shareholders.
Other Directorships & Interlocks
| Company | Public/Private | Role | Overlap/Interlock Considerations |
|---|---|---|---|
| AHL (Athene Holding Ltd.) | Subsidiary under AGM | Director; Risk & Audit Committees | In-group oversight; supports retirement services risk governance |
| Mountain Capital | Private | Advisor Investment Committee | Advisory role; no disclosed related-party transactions at AGM involving Leach – |
Expertise & Qualifications
- Deep risk management leadership (CRO Citibank; Head of Franchise Risk & Strategy Citigroup; LTCM liquidation oversight).
- Audit committee financial expert designation.
- Financial literacy and regulatory/compliance experience reflected in Board skills matrix.
- Education: B.A. Economics (Brown); M.B.A. (Harvard Business School).
Equity Ownership
| Holder | Shares Beneficially Owned | Ownership % of Common | Notes |
|---|---|---|---|
| Brian Leach | 38,503 | * (less than 1%) | Based on 570,432,275 shares outstanding as of April 1, 2025 |
- Director stock ownership guidelines: Independent directors must hold ≥5× base annual cash retainer (currently $150,000), i.e., ≥$750,000 in Company stock; compliance expected within 5 years of becoming a director; directors with <5 years of service are on track to meet the threshold.
Governance Assessment
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Strengths
- Independence and audit expertise; placement on Audit and Nominating & Governance strengthens oversight of financial reporting, controls, and board refreshment.
- Extensive risk background from global financial institutions; relevant to Apollo’s complex asset management and retirement services risk profile.
- Alignment mechanisms: director RSUs, stock ownership guidelines, and ability to defer RSU settlement to extend long-term alignment.
-
Potential Conflicts/Related-Party Exposure
- In-group dual role at AHL (subsidiary) is a structural interlock; AGM maintains a written Related Person Transactions Policy requiring Audit Committee review/recusal where applicable, and independent committees oversee conflicts. No Leach-specific related transactions were disclosed since Jan 1, 2024. –
- Insider trading policy prohibits speculative trading, short sales, and most hedging/pledging, with limited exceptions for certain senior leaders under strict conditions; no Leach-specific exceptions disclosed.
-
Attendance/Engagement Signal
- Board meeting cadence and attendance standards are explicit; Leach’s 2025 appointment suggests 2024 attendance metrics do not apply, but independent director executive sessions and governance processes indicate robust engagement framework.
-
Red Flags
- None disclosed specific to Leach (no Section 16(a) delinquencies noted for Leach; one late filing in 2025 related to Belardi due to administrative oversight).
Overall, Leach’s risk management pedigree and audit financial expert status bolster Apollo’s board effectiveness in financial oversight and enterprise risk. Independence, committee placement, and equity alignment are positives; structural interlock with AHL is mitigated by formal conflicts policies and independent committee oversight.