Joseph Azrack, global head of real estate at private-equity firm Apollo Global Management LLC, may scale back his role to chairman next year, a move that would leave a void at the top as the firm accelerates its search for investing opportunities in the industry.
Azrack, 65, entered into an agreement with Apollo on June 1 under which he may give up his role as managing partner of the firm’s real estate business after Dec. 31, according to a filing today with the U.S. Securities and Exchange Commission. Azrack, who has taught at Columbia Business School in New York and is a member of its real estate program’s advisory board, has been managing partner of New York-based Apollo’s property business since 2008.
Raymond Mikulich, the former co-head of Lehman Brothers Holdings Inc.’s real estate investments who joined Apollo in 2010 to run its North American property business, stepped down earlier this year. Coburn Packard and Jess Lipsey, two other former Lehman employees who joined Apollo with Mikulich, remain at the real estate division.
Azrack will receive an annual base pay of $1 million while he remains in his current position and $350,000 if he transitions to the chairman role, Apollo said. The firm’s real estate business oversaw more than $8 billion as of March and sees an “interesting” pipeline of investing opportunities, President Marc Spilker said last month.