US-based Apollo Global Management has said that Marc Spilker will step down as president the firm and as a member of its executive committee.
Apollo in a statement said that its executive committee will continue to manage the firm.
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Members of Apollo’s executive committee are Leon Black, chairman and chief executive officer; Josh Harris, senior managing director and Marc Rowan, senior managing director.
However, Spilker will stay on as a senior advisor to the firm for the remainder of 2014, the firm said.
Black said "We are extremely grateful for Marc’s leadership. The firm has benefited from Marc’s deep understanding of the financial industry. 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. I’m confident that Marc will find great success in whatever he chooses to do next and we wish him all the best."
Apollo is a alternative investment manager with offices in New York, Los Angeles, Houston, Toronto, London, Frankfurt, Luxembourg, Singapore, Mumbai, Hong Kong and Toronto and had AuM of approximately US$161 billion as of 31 December 2013.
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