Apollo President Spilker to Step Down Three Years After IPODevin Banerjee and Sree Vidya Bhaktavatsalam
Apollo Global Management LLC, the private-equity firm run by Leon Black, said Marc Spilker will step down as president three years after helping guide the company through its initial public offering.
Spilker, 49, will leave his role as a member of the executive committee and become a senior adviser to the firm for the remainder of 2014, New York-based Apollo said today in a statement. The firm didn’t say why Spilker is leaving or whether he will be replaced. His final day as an employee will be May 19 and he’ll be paid $950,000 to be a senior adviser, Apollo said in a regulatory filing today.
Spilker joined Apollo from Goldman Sachs Group Inc. in December 2010 as the alternative-asset manager prepared to sell shares to the public. The former co-head of investment management at Goldman Sachs helped streamline Apollo’s internal operations before the IPO, which was completed in March 2011. The firm’s investments are overseen mainly by Apollo founders Black, who is also chief executive officer, and Joshua Harris and Marc Rowan, both senior managing directors.
“The firm has benefited from Marc’s deep understanding of the financial industry,” Black said in the statement. “Marc leaves a firm that has fulfilled the vision it set for itself to become a successful public company and to put in place the infrastructure and resources it requires.”
Apollo, founded in 1990, has been one of the most active sellers of holdings in the past year as asset values soared. The firm distributed a near-record $22.6 billion to its fund investors in 2013, a year during which its stock rose 82 percent.
Last year “was a very, very good year and one that I think will be hard to repeat,” Spilker, who led Apollo’s quarterly conference calls with investors and analysts, said on a Feb. 7 call.
Apollo, like its largest peers Blackstone Group LP, Carlyle Group LP and KKR & Co., has diversified its business from doing leveraged buyouts to managing vast amounts of credit investments, real estate and hedge funds. Apollo oversaw $161.2 billion in assets under management as of Dec. 31.
Spilker attended the University of Pennsylvania, where he received his undergraduate degree from the Wharton School. He joined New York-based Goldman Sachs in 1990 and became a partner in 1996.