James Zelter
About James Zelter
James Zelter, 62, is President and a Director of Apollo Global Management, Inc. (AGM) and a member of the Board’s Executive Committee. He became President in January 2025 after serving as Co‑President of Apollo Asset Management (AAM) from 2018–2025, and as CIO of Apollo’s credit business from 2006–2025. He joined Apollo in 2006 after senior roles at Citigroup (including CIO of Citigroup Alternative Investments, 2003–2005) and earlier as a high-yield trader at Goldman Sachs. He holds a B.A. in Economics from Duke University and sits on Duke’s Board of Trustees and DUMAC’s board. Firm performance context under the leadership team: 2024 Fee Related Earnings rose 17% to $2.1B; Athene’s Spread Related Earnings were $3.2B; APO delivered ~80% total return in 2024 and was added to the S&P 500 in December 2024.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Apollo Global Management (AGM) | President; Director; Executive Committee member | 2025–present (President); Director since 2022 | Oversees operating and key strategic initiatives across asset management and retirement services; executive committee oversight |
| Apollo Asset Management (AAM) | Co‑President; Co‑Chair and Director (private company since Sep-2023) | Co‑President 2018–2025; Board roles 2021–2025 | Co-led day-to-day operations across revenue-generating businesses and enterprise solutions |
| Apollo (Credit) | Chief Investment Officer | 2006–2025 | Oversaw expansion of Apollo’s global credit platform |
| MidCap Financial Investment Corp. (f/k/a Apollo Investment Corp.) | Director | 2006–2020 | Governance of Apollo-managed BDC during platform expansion |
| Citigroup & predecessors | CIO, Citigroup Alternative Investments; Head of Global High Yield (prior) | 1994–2006; CIO 2003–2005 | Led CAI investment platform; ran global high yield franchise |
| Goldman Sachs | High Yield Trader | pre‑1994 | Credit markets experience (trading) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Duke University | Board of Trustees; Board member of DUMAC, Inc. | Current | Oversees university and endowment investment manager (DUMAC) |
| Partnership for New York City | Director | Current | Civic/business engagement |
| The Bridge Golf Foundation | Director | Current | Non-profit board service |
| Weill Cornell Medicine | Board of Fellows | Current | Academic/healthcare governance |
Board Governance and Service
- Service: Director since January 2022; member, Executive Committee (manages Board affairs between meetings, provides guidance on strategy, performance, and key employment decisions). Directors who are employees do not receive director fees. Independence: not independent (executive); Board maintains majority-independent composition and independent Audit, Compensation, Nominating & Corporate Governance, and Sustainability committees.
- Structure: Combined Chair/CEO (Marc Rowan) with a Lead Independent Director (Gary Cohn) who sets agendas, presides over executive sessions, and acts as liaison; independent directors meet in executive session periodically. 2024: Board held four meetings; each director attended at least 75% of meetings.
Fixed Compensation
- The 2025 Proxy’s Summary Compensation Table covers 2024 NEOs (CEO, CFO, AAM Co‑President, AHL CEO/CIO, CLO). Mr. Zelter is not listed as an NEO in 2024; his base salary/bonus were not disclosed. Apollo broadly emphasizes pay-for-performance, significant equity, clawbacks, and ownership guidelines for executive officers.
Performance Compensation
- Not individually disclosed for Mr. Zelter in 2024. Apollo’s program ties senior pay to long-term value via RSUs (some vest only if performance fee hurdles are achieved), carried interest/performance fees (multi-year, realizations-based, with potential return/recoupment), and incentive pools; firm maintains recoupment policies for detrimental conduct and SEC restatements.
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of Apr 1, 2025) | 2,140,933 shares; <1% of outstanding; includes 3,432 RSUs deliverable within 60 days |
| Pledging/hedging | No pledging disclosed for Mr. Zelter in the ownership table footnotes. Firm policy prohibits speculative transactions and short sales; allows certain prepaid variable forwards and pledging only for certain senior leaders if strict conditions are met. |
| Registration rights | Party to a Registration Rights Agreement (with Scott Kleinman) granting demand and piggyback rights to register APO shares for sale, subject to restrictions and indemnities. This provides liquidity optionality and can influence selling cadence. |
| Investments alongside Apollo | 2024: invested ~$2,277,507 in Apollo-managed funds/vehicles/annuity products; received ~$361,008 in distributions. Signals skin-in-the-game. |
| Director compensation | As an employee-director, he does not receive director remuneration. |
| Ownership guidelines | Apollo has meaningful stock ownership guidelines for executive officers; the proxy lists specific dollar thresholds for certain NEOs but does not specify a figure for Mr. Zelter. |
Employment Terms
| Term | Disclosure |
|---|---|
| Apollo start | 2006 |
| Current role start | President of AGM since Jan 2025 |
| Board service | Director since Jan 2022; Executive Committee member |
| Employment agreement | Not disclosed for Mr. Zelter in 2025 Proxy (NEO agreements summarized exclude him) – |
| Severance / CoC | Not disclosed for Mr. Zelter (Potential Payments table covers NEOs; no entry for Zelter) – |
| Non‑compete / non‑solicit | Not specified for Mr. Zelter; Apollo generally uses such covenants for senior executives (see NEO summaries) – |
| Indemnification | Covered by Apollo’s broad indemnification provisions and D&O insurance for directors/officers, subject to conditions |
Performance & Track Record (Company context)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Fee Related Earnings (FRE, $B) | 1.41 | 1.77 | 2.06 (up 17% YoY) |
| Athene Spread Related Earnings (SRE, $B) | — | — | 3.2 |
| Total Shareholder Return (calendar year) | — | — | ~80% in 2024; outperformed S&P 500 by ~55 pts |
| AUM ($B, YE) | — | — | $751 (up 15% YoY) |
Note: Mr. Zelter led Apollo’s credit business for ~19 years and became President in 2025; the above metrics frame performance under the senior leadership team.
Risk Indicators & Red Flags
- Insider liquidity mechanics: Demand/piggyback registration rights enable potential block sales; monitor 10b5‑1 and shelf registrations for timing/size.
- Hedging/pledging policy exceptions: While generally prohibitive, the policy allows certain prepaid forwards/pledging for specified senior leaders if conditions are met; no Zelter-specific pledging disclosed.
- Clawbacks: Two policies (detrimental activity and SEC restatement) mitigate pay-for-performance risk reversals.
- Governance checks: Combined Chair/CEO offset by strong Lead Independent Director and fully independent key committees.
Compensation Committee / Say‑on‑Pay Context
- Independent Compensation Committee (Semler Brossy consultant); 2023 say‑on‑pay approval 84%; peer set includes ARES, BLK, BX, BAM, CG, GS, KKR, MS, TPG, TROW.
Investment Implications
- Alignment: Meaningful personal ownership (2.14M shares) and capital invested in Apollo-managed vehicles indicate skin‑in‑the‑game; minimal near-term vest delivery (3,432 RSUs) points to low mechanical selling pressure from upcoming settlements. Registration rights could facilitate opportunistic liquidity—track filings.
- Retention: No public employment/severance disclosure for Zelter limits visibility on golden handcuffs; however, Apollo’s design emphasizes long-dated equity/carry and ownership guidelines, which generally support retention and multi-year alignment.
- Governance: Dual role (President + Director; Executive Committee) concentrates influence, but independence structure (Lead Independent Director, independent committees, executive sessions) provides counterbalances; no director fees reduce conflicts from board service.
- Execution edge: Deep credit pedigree and platform build since 2006 are central to Apollo’s origination engine and capital solutions growth; 2024 FRE/SRE and TSR strength underscore momentum into his 2025 transition to President.