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Former SEC Chief Clayton to Chair Investment Giant Apollo
Clayton was named chair after longtime Apollo chief Leon Black unexpectedly called it quits Monday.
Former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton assumed the top boardroom seat at Apollo Global Management on Monday after founder Leon Black, the $455 billion management firm's longtime CEO and chair, unexpectedly announced his departure.
STORY CONTINUES BELOW
- In a press release, Apollo named Clayton as the new "non-executive chair of board."
- Apollo co-founder Marc Rowan will replace Black as CEO.
- Clayton joined Apollo's board in February as its lead independent director, quickly moving into the private sector after a three-year stint helming the SEC, the top U.S. investments regulatory body.
- Clayton ran the SEC during its early blockade against a bitcoin exchange-traded fund, the crackdown on unregistered and fraudulent initial coin offerings and, in his final weeks, the initiation of the lawsuit against Ripple Labs.
- Black had previously pledged to cede control of Apollo after fallout over his ties to convicted sex offender Jeffrey Epstein, but he was expected to retain the chairmanship.
- Monday, he credited health issues in explaining the full severance.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
