Patrick Toomey
Apollo Global ManagementAbout Patrick Toomey
Independent director at Apollo Global Management (APO); age 63; appointed to the AGM Board in March 2023 after a 24-year public policy and financial services career. Former U.S. Senator (PA, 2011–2023) and U.S. Representative (1999–2005), with committee leadership on financial regulation; early career at Chemical Bank and Morgan, Grenfell & Co.; B.A. in political science from Harvard University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Senate | Senator (PA) | 2011–2023 | Served on Banking, Budget, Finance; Joint Economic Committee; chaired Subcommittee on Financial Institutions & Consumer Protection; deep regulatory oversight experience . |
| U.S. House of Representatives | Representative (PA) | 1999–2005 | Member, House Budget Committee; fiscal policy experience . |
| Chemical Bank | Analyst/Finance | Not disclosed | Early financial services experience . |
| Morgan, Grenfell & Co. | Finance role | Not disclosed | Capital markets grounding . |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| — | — | — | No current public company boards disclosed for Toomey in APO’s proxy . |
Board Governance
- Independence: Classified as independent under NYSE rules and AGM’s guidelines .
- Committee assignments: Member, Sustainability and Corporate Responsibility Committee; added October 1, 2024. Committee oversees ESG, employee health and safety, talent, human rights, and monitors government relations strategies and political contributions; reviews sustainability disclosures .
- Attendance: In 2024, the Board met 4 times; each director attended at least 75% of Board and committee meetings where they served; 14 directors attended the 2024 annual meeting .
- Board structure context: Independent Lead Director (Gary Cohn) and majority independent board; executive sessions held regularly .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Cash fees | $156,250 | Fees earned in 2024; includes base retainer and pro-rata committee fees; Toomey received no “other compensation” . |
| Base annual cash retainer (program) | $150,000 | Standard non-employee director base cash retainer . |
| Committee member fee (program) | $25,000 | Per committee membership; chair adds $25,000 incremental . |
Performance Compensation
| Award Type | 2024 Grant | Vesting/Terms |
|---|---|---|
| Annual RSU grant | None (for Toomey in 2024) | Program provides welcome RSUs of $200,000 (Lead Independent/Chair: $250,000) and annual RSUs thereafter; unvested director RSUs are not entitled to dividends; some directors elect deferral of settlement. Toomey shows no stock awards for 2024 in the Director Compensation table . |
Program features: Director RSUs generally vest on or about July 1 of the year following grant; continuing directors may defer settlement of RSUs and/or cash retainers until service ends .
Ownership guidelines: Directors expected to hold ≥5× base annual retainer ($750,000 at current retainer) in company stock within 5 years; directors with ≥5 years exceeded; <5 years “on track” .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company boards | None disclosed . |
| Potential interlocks | None disclosed involving Toomey. Related-party items disclosed for other directors (e.g., Simon Property Group loan) do not involve Toomey . |
Expertise & Qualifications
- Financial regulation and public policy: Deep experience from Senate Banking/Finance roles, including chairing financial institutions oversight subcommittee .
- Financial literacy: Background in banking and capital markets; proxy skill matrix lists Financial Literacy across all directors .
- ESG/governance oversight: Member of Sustainability & Corporate Responsibility Committee covering ESG, talent, and political activity oversight .
Equity Ownership
| Metric | Value |
|---|---|
| Total shares beneficially owned | 3,263 shares . |
| Ownership as % of shares outstanding | ~0.0006% (3,263 / 570,432,275) . |
| RSUs deliverable within 60 days of 4/1/2025 | None listed for Toomey; only Zelter footnote shows 3,432 RSUs deliverable . |
| Hedging/Pledging | Company policy prohibits short sales, options, and hedging; limited exceptions for certain senior leaders for prepaid variable forwards and pledging under conditions—not indicated for Toomey . |
Insider Trades and Section 16 Compliance
| Item | Toomey |
|---|---|
| Section 16(a) filing status (2024) | No delinquent filings noted for Toomey; one late filing disclosed for Belardi in March 2025 due to administrative oversight . |
Governance Assessment
- Alignment: Independent status, committee engagement on ESG/political oversight, and beneficial share ownership support alignment with investors. Director stock ownership guidelines require significant holdings; directors with <5 years are “on track,” which, given Toomey’s 2023 appointment, indicates expected progress toward the threshold .
- Compensation mix: 2024 compensation for Toomey was entirely cash ($156,250) with no 2024 RSU grant recorded; given the program’s RSU framework, the absence of a 2024 RSU may modestly reduce equity alignment for the year relative to peers who received RSUs, though Toomey remains subject to stock ownership guidelines .
- Conflicts/related-party exposure: No related person transactions involving Toomey identified; Toomey invested $7,348 in Apollo-managed funds in 2024, a nominal amount consistent with standard director participation; no material conflicts disclosed .
- Attendance/engagement: Met the ≥75% attendance threshold applicable to all directors in 2024; serving on a committee with oversight of politically sensitive areas is appropriate given his background .
Supporting Tables
Director Compensation – 2024 (Toomey)
| Metric | Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | 156,250 |
| Stock Awards | — (none in 2024 for Toomey per table) |
| All Other Compensation | — |
| Total | 156,250 |
Committee Assignment – Sustainability & Corporate Responsibility
| Attribute | Detail |
|---|---|
| Membership | Patrick Toomey (member since 10/1/2024) |
| Oversight scope | ESG (environment, climate), human rights, employee health/safety, talent; monitors government relations strategies and political contributions; reviews sustainability reports |
Director Compensation Program Features
| Component | Annual Amount |
|---|---|
| Independent Chair or Lead Independent Director fee | $100,000 |
| Committee chair fee | $25,000 (incremental to member fee) |
| Committee member fee | $25,000 |
| Welcome RSUs (independent directors) | $200,000; $250,000 for Lead Independent/Chair |
Security Ownership (as of April 1, 2025)
| Holder | Shares | % of Outstanding |
|---|---|---|
| Patrick Toomey | 3,263 | ~0.0006% (3,263 / 570,432,275) |
Related-Party and Fund Participation
| Item | Amount |
|---|---|
| Toomey investment in Apollo-managed funds and related vehicles (2024) | $7,348 |
Say-on-Pay and Shareholder Engagement (context)
| Metric | Result |
|---|---|
| Say-on-pay approval (2023) | 84% approval; next vote in 2026 . |
| 2024 stockholder outreach | Engaged holders of >65% of outstanding shares; feedback supportive of compensation framework and governance enhancements . |
RED FLAGS: None disclosed for Toomey regarding related-party transactions, hedging/pledging, or attendance. 2024 absence of RSU grants reduces equity mix versus peers for that year; monitor future RSU awards and progress toward stock ownership guidelines .