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.
- 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.