Marc Rowan
About Marc Rowan
Marc Rowan, age 62, is Co‑Founder, Chair, and Chief Executive Officer of Apollo Global Management (AGM). He serves on the boards of AGM and Athene Holding Ltd. (AHL), and was appointed Board Chair alongside Lead Independent Director Gary Cohn effective April 21, 2025 . Rowan graduated summa cum laude from Wharton with a B.S. and MBA in Finance and chairs Wharton’s Board of Advisors . Under Rowan’s leadership, Apollo delivered 2024 Fee Related Earnings (FRE) of $2.1B (+17% YoY), Spread Related Earnings (SRE) of $3.2B, grew AUM to $751B (+15%), and achieved an 80% total shareholder return (TSR) with APO at $165.16 on year‑end 2024; Apollo was added to the S&P 500 in December 2024 . Board tenure is shown as 14 years including legacy AGM board service .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Apollo Global Management (AGM) | Co‑Founder; Chief Executive Officer; Director; Chair (since Apr 21, 2025) | Not disclosed; Chair effective Apr 21, 2025 | Co‑led strategic plan to double business; record FRE/SRE; S&P 500 inclusion |
| Athene Holding Ltd. (AHL) | Director; Executive Committee member | Not disclosed | Oversight of retirement services growth; integration with ISG capital solutions |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Wharton School (Univ. of Pennsylvania) | Chair, Board of Advisors | Not disclosed | Academic and policy influence; supports Penn Wharton Budget Model |
| UJA‑Federation of New York | Chair of the Board | Not disclosed | Philanthropic leadership across global network |
| Youth Renewal Fund | Founding Member and Chair | Not disclosed | Education access in underserved communities |
| Darca (Israel) | Vice Chair | Not disclosed | Leadership of top educational network |
| Civil Society Fellowship (ADL & Aspen Institute) | Executive Committee member | Not disclosed | Next‑gen civic leadership development |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 100,000 | 100,000 | 100,000 |
| Bonus ($) | — | — | — |
| Stock Awards ($) | — | — | — |
| All Other Compensation ($) | 210,011 | 220,760 | 663,381 |
| Total ($) | 310,011 | 320,760 | 763,381 |
Performance Compensation
- CEO employment agreement (Jan 30, 2025): Eligible for annual allocation of performance fee income for five years with target annual value of $10,000,000; one‑year vesting; initial amount deferred for three years; compensation continues below 25th percentile of peer group .
- Company performance measures linked to compensation actually paid (Item 402(v) list): Fee Related Earnings (FRE), Adjusted Net Income, Realized Performance Fees, Spread Related Earnings (SRE) .
| Incentive Element | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Performance Fee Allocation (2025+) | Firm performance; fee income | Not disclosed | $10,000,000 target value | Not disclosed | Not disclosed | 1‑year; initial deferral 3 years |
| Pay vs Performance (Context) | FRE (firm) | Not applicable | — | 2024: $2,063M; 2023: $1,768M; 2022: $1,410M; 2021: $1,267M; 2020: $1,102M | — | — |
| Pay vs Performance (Context) | Compensation Actually Paid (CEO) | Not applicable | — | 2024: $763,381; 2023: $320,760; 2022: $310,011; 2021: $302,310; 2020: — | — | — |
| Pay vs Performance – $100 Investment Value | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Company TSR ($) | 108 | 166 | 150 | 224 | 402 |
| Peer Group TSR ($) | 115 | 162 | 127 | 156 | 215 |
Additional pay practices:
- No single‑trigger vesting in equity awards; no excise tax gross‑ups .
- Clawback policies for detrimental activity and restatements .
- CEO‑to‑median pay ratio: 4:1 in 2024 (PEO $763,381 vs median employee $182,781) .
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (common shares) | 34,332,816 shares |
| Ownership as % of outstanding | 6.0% of 570,432,275 shares |
| Pledged Shares | 2,500,000 shares pledged via delayed draw variable share forward to a bank |
| Vested vs Unvested | Not disclosed for Rowan; firm notes absence of single‑trigger vesting features in equity awards overall |
| Options (Exercisable/Unexercisable) | Not disclosed for Rowan; firm does not currently grant options/SARs |
| Stock Ownership Guidelines (CEO) | Required $15 million |
| Compliance Status | All NEOs in compliance |
| Hedging/Pledging Policy | Speculative transactions prohibited; hedging generally prohibited; certain senior leaders permitted prepaid variable forwards and pledging under policy conditions |
Employment Terms
| Term | Detail |
|---|---|
| Effective Date | January 30, 2025 |
| Contract Length | 5 years |
| Base Salary | $100,000 |
| Performance Fee Income | Target $10,000,000 annually for five years; one‑year vesting; initial deferral for three years |
| Severance | None; no severance or other payments/benefits upon termination |
| Non‑Compete | 18 months post‑employment in businesses primarily (>50%) third‑party capital |
| Non‑Solicit (Employees/Investors) | Refrain from soliciting employees or interfering with investor relationships for two years post‑employment |
| Change‑of‑Control | NEOs other than Belardi are not entitled to change‑of‑control payments; no single‑trigger equity vesting |
| Clawbacks | Recovery for detrimental activity and as required by law, including financial restatement |
| Tax Gross‑Ups | None (no excise tax gross‑ups) |
Board Governance
- Dual role: Rowan appointed combined Chair and CEO effective April 21, 2025; mitigated by appointment of Gary Cohn as Lead Independent Director with robust responsibilities (agenda/materials approval, executive sessions, liaison role, ability to call independent director meetings, investor access) .
- Board independence: Majority independent; all Audit, Compensation, Nominating & Corporate Governance, and Sustainability committees are fully independent; annual evaluations; proxy access; one‑share‑one‑vote .
- Committee membership and activity: Compensation Committee (independent; 5 meetings in 2024; Chair Marc Beilinson; members Mitra Hormozi, Lynn Swann) uses independent consultant Semler Brossy; conflicts analysis found no consultant conflicts . Executive Committee includes Gary Cohn (Chair since Apr 21, 2025), Rowan and others .
- Director compensation: Employees do not receive remuneration for director service; independent directors receive retainers and RSUs per program .
Compensation Peer Group and Say‑on‑Pay
- Peer group used in 2024: Ares, BlackRock, Blackstone, Brookfield Asset Management, Carlyle, Goldman Sachs, KKR, Morgan Stanley, TPG, T. Rowe Price .
- CEO compensation positioning: Below 25th percentile of peer group under 2025 agreement .
- Say‑on‑pay: 84% approval at 2023 annual meeting; next vote in 2026 .
Related Party Transactions and Other Disclosures
- Aircraft usage: Apollo paid $2,391,485 for business use of a Rowan‑controlled aircraft in 2023; AMH paid $2,762,846 rent plus $1,910,251 for crew/fuel/operations under lease with Bank of Utah as owner trustee for MarCar 5000 LLC (beneficially owned by Rowan) in 2023; approved by AAM Conflicts Committee .
Risk Indicators & Red Flags
- Pledging: 2.5M APO shares pledged in variable share forward; potential future settlement‑related selling pressure and governance optics risk .
- Dual role (Chair + CEO): Governance concentration; partially mitigated by strong Lead Independent Director structure and independent committees .
- Hedging/Pledging allowances: Policy permits certain prepaid variable forwards and pledging under conditions, which warrants monitoring for alignment .
- Shareholder‑friendly features: No single‑trigger vesting; no excise tax gross‑ups; clawback policies .
Investment Implications
- Alignment: Rowan’s low fixed pay, performance fee‑linked compensation with vesting/deferral, and significant ownership (6.0%) align incentives with long‑term value creation, aided by strict ownership guidelines and clawbacks .
- Governance watch‑items: Chair/CEO combination increases reliance on Lead Independent Director effectiveness; maintain focus on committee independence and board refreshment .
- Trading signals: The 2.5M‑share variable forward pledge introduces potential forward‑settlement selling pressure; monitor Form 4s and 13D/A updates for incremental pledging or unwinds .
- Performance linkage: Apollo’s strong TSR and FRE/SRE momentum underpin Rowan’s pay‑for‑performance narrative; continued delivery against 2024 Investor Day targets should support retention and compensation alignment .