Apollo abandons plan to hire financial star as vice president

Apollo Global Management said it was forced to abandon its plan to hire former TIAA boss Roger Ferguson as its vice president, after the veteran investment executive revealed commitments to a former employer that barred him from taking the position.

The reversal, revealed on Monday, is a blow to Apollo, which has portrayed the hiring as a vote of confidence for the private equity firm as it merges with the company. retired Athena Holding and sought to rise above the shadow of former CEO Leon Black.

“Roger Ferguson can go to work anywhere,” Marc Rowan, Apollo CEO, said during an investor presentation last month. “He’s . . . one of the most prominent minority entrepreneurs in the country, on Alphabet’s board. Nobody’s doing what we’re doing.”

TIAA declined to answer questions about its relationship with its former chief executive, who also previously served as vice president at the Federal Reserve.

“Roger recently informed us that he has several ongoing commitments with his previous employer and they are preventing him from working with us at this time,” Apollo said in a statement. announced, previously reported by Bloomberg. “We greatly appreciate Roger and wish him all the best.”

The standoff marks what appears to be an unusual decision by a major financial institution to block one of its senior staff from working elsewhere in the financial sector.

Originally known as the American Association of Teachers Insurance and Annuities, Ferguson’s former employer doubled his fortune under his leadership, becoming a diversified investment firm.

But TIAA’s business increasingly overlaps with elements of Apollo-Athene Empire, will be a broad provider of retirement annuities and pension risk transfer solutions when the two companies merge early next year.

Apollo has announced a flurry of governance and hiring reforms since Black stepped down as chief executive earlier this year following revelations about his professional ties to sex offenders. the late Jeffrey Epstein.

Jay Clayton, former Director of the Securities and Exchange Commission, joined Apollo’s board of directors in February, a month before he was named company president.

Siddhartha Mukherjee, an oncologist and Pulitzer Prize-winning author, joined Apollo’s board the same month, but in June he announced his resignation.

And Bill Lewis, Lazard’s longtime investment banking president, said last month that he would be moving to Apollo as a senior partner. According to a notice from his former employer, his first day at the office was Monday.

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