Whitney Chatterjee
Chief Legal Officer at APO
Executive
About Whitney Chatterjee
Whitney Chatterjee is Partner and Chief Legal Officer (CLO) of Apollo Global Management, Inc. (AGM), serving as CLO since January 2024 after joining Apollo in 2023; she previously served as General Counsel before her appointment to CLO . She spent over 20 years at Sullivan & Cromwell LLP, most recently as a Partner in the Financial Services Group and Head of the Investment Management practice; she holds a J.D. from Columbia Law School and a B.A. from Hamilton College, and was age 49 in 2024 . During her first year as CLO, AGM reported record Fee Related Earnings up 17% to $2.1B, Spread Related Earnings of $3.2B, AUM of $751B (+15% YoY), and APO delivered an 80% total return in 2024 (share price $165.16 at year-end), materially outperforming the S&P 500 by 55% over the comparable period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Apollo Global Management, Inc. | Chief Legal Officer | Since Jan 2024 | Oversees and manages legal and compliance team, senior executive officer |
| Apollo Global Management, Inc. | General Counsel | 2023–2023 | Led legal function prior to appointment as CLO |
| Sullivan & Cromwell LLP | Partner, Head of Investment Management practice | 20+ years | Counseled investment managers, funds, directors/trustees on transactions, fund formation, regulatory, compliance and governance; engaged on significant legislative/regulatory developments in asset management |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus Paid ($) | Notes |
|---|---|---|---|---|
| 2024 | 650,000 | — | — | Eligible for annual bonus per employment agreement |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting | Notes |
|---|---|---|---|---|---|---|
| Incentive pool performance fees | Realized performance fees (firm-level pool) | Not disclosed | Not disclosed | Included within “All Other Compensation” paid in 2024 to Ms. Chatterjee (total $2,130,801) | Annual allocation contingent on pool funding and continued employment | Pool equals at least 1% of realized performance fees not allocable to dedicated entitlements; allocation based on company performance and individual contributions |
| Dedicated performance fee rights (new in 2024 for Ms. Chatterjee) | Realized performance fees on programs where rights apply | Not disclosed | Not disclosed | Amounts paid when fees are distributed; characterized as compensation in “All Other Compensation” when paid | Rights vest after 3 years, subject to continued employment; payments made shortly after vesting | Notional investment feature until paid; promotes long-term alignment |
| RSUs (new hire grant) | Time-based vesting | N/A | N/A | 54,997 RSUs vested in 2024; value realized $5,022,876 | Equal annual installments on Jan 1, 2025 and Jan 1, 2026 for the Aug 4, 2023 grant (see Equity Awards table) | No options granted to Ms. Chatterjee in 2024 |
RSU Grants and Vesting Detail
| Grant Date | Type | Units Granted | Vesting Dates | Market Value at 12/31/2024 ($) |
|---|---|---|---|---|
| Aug 4, 2023 | RSUs | 109,994 | Jan 1, 2025; Jan 1, 2026 (substantially equal annual installments) | 18,166,609 |
| 2024 Vesting Activity | RSUs vested | 54,997 | Throughout 2024 | 5,022,876 (value realized on vesting) |
Equity Ownership & Alignment
| Item | Value | As-of Date | Notes |
|---|---|---|---|
| Beneficial ownership (shares) | 32,695 | April 1, 2025 | Less than 1% of outstanding (570,432,275 shares) |
| Unvested RSUs (market value) | 18,166,609 | Dec 31, 2024 | Corresponds to 109,994 RSUs from Aug 4, 2023 grant |
| Vested RSUs in 2024 (count) | 54,997 | 2024 | Value realized $5,022,876 |
| Stock ownership guideline | 3× annual salary | Policy | Must retain, on an after-tax basis, 25% of shares received until guideline met; attain within 5 years |
| Guideline compliance | In compliance (NEOs) | 2025 proxy | Applies to Ms. Chatterjee |
| Hedging/pledging | Speculative/derivative hedging prohibited; limited exception for certain senior leaders (prepaid variable forwards and pledging) if policy conditions met | Policy | Applies under insider trading policy; not specific to Ms. Chatterjee |
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement date | Feb 20, 2023 |
| Position | Chief Legal Officer (since Jan 2024) |
| Base salary | $650,000 |
| Bonus eligibility | Eligible for annual bonus |
| Termination (notice) | Company may terminate with or without cause; 90 days’ notice (or payment in lieu) prior to termination without cause |
| Non-compete | 9 months post-employment |
| Non-solicit | 24 months post-employment |
| Confidentiality | Required during and after employment |
| Severance economics | Death/disability: equity acceleration valued at $18,166,609 (assuming $165.16 share price at 12/31/2024) |
| Change-in-control | No single-trigger vesting in equity awards; no excise tax gross-ups |
| Clawbacks/recoupment | Executive officer recoupment policy for financial restatement; separate policy for detrimental conduct (applies to all employees including NEOs) |
| Deferred compensation | No non-qualified deferred comp reported for Ms. Chatterjee in 2024 |
Compensation Structure Observations
- Cash vs equity mix: 2024 compensation comprised $650,000 salary and $2,130,801 in “All Other Compensation” (performance fee distributions), with no 2024 stock award grants reported for Ms. Chatterjee; indicates heavier variable pay via performance fees than new equity grants in 2024 .
- RSU design and retention: New-hire RSUs from 2023 vest over 2 years (2025 and 2026), with ownership guidelines requiring post-tax retention until 3× salary threshold is met, moderating near-term selling pressure .
- Performance linkage: Participation in incentive pool and dedicated performance fee programs ties pay to realized performance fees and continued employment, with 3-year vesting on dedicated rights supporting retention .
Risk Indicators & Red Flags
- Hedging/pledging: Insider policy broadly prohibits speculative/derivative hedging; however, it permits prepaid variable forward contracts and pledging for certain senior leaders under conditions—a monitoring point for potential alignment risk if used, though no disclosure specific to Ms. Chatterjee .
- Tax gross-ups: No excise tax gross-ups; reduces parachute-related misalignment risk .
- Single-trigger CIC: Absent; mitigates windfall risk on control change .
- Clawbacks: Dual recoupment (restatement and detrimental conduct); positive governance feature .
Investment Implications
- Alignment: Ownership guidelines (3× salary, 25% after-tax retention) and significant unvested RSUs ($18.17M) point to strong skin-in-the-game and moderated selling pressure, supporting long-term alignment .
- Retention: Dedicated performance fee rights with 3-year vesting and restrictive covenants (9-month non-compete; 24-month non-solicit) reduce near-term departure risk; death/disability equity acceleration is substantial, underscoring the value of unvested equity .
- Trading signals: RSU vesting cadence (Jan 1, 2026 upcoming) combined with retention requirements suggests limited discretionary selling unless guidelines are exceeded; monitor Form 4 filings around vest dates for potential sales under 10b5-1 plans .
- Governance: Robust clawback policies and absence of single-trigger CIC or excise tax gross-ups lower shareholder risk; insider policy’s limited pledging exceptions warrant periodic review for usage by executives .