Jay Clayton, the former S.E.C. chairman, will join Apollo’s board.
Former Securities and Exchange Commission chairman Jay Clayton will serve as independent director of private securities firm Apollo Global Management on Thursday.
The move is aimed at reforming the Wall Street firm’s regime, stating that Leon Black, one of the firm’s co-founders, paid $ 158 million in fees to registered sex offender Jeffrey Epstein.
Mr Clayton’s appointment is part of a series of steps announced last month to expand its board and promote greater independence. Mr. Clayton’s post as chief director could help alleviate concerns about Mr. Black’s decision even after he steps down as chief executive by this summer.
A report commissioned by the board of Apollo containing Mr. Mr. Black’s professional dealings with Epstein were reviewed, found that Mr. Black did nothing wrong and were unaware of the predatory behavior with teenage girls, causing Mr. Epstein to face federal sex trafficking charges in 2019 Was arrested in But the review found that Mr. Black paid Double the fees Mr. Epstein is considered for tax and estate planning services in advance.
“Clayton said in a statement,” I look forward to working with my fellow board members to advance Apollo’s strategy in our ever growing markets. “He will step into the newly formed role on 1 March.
Mr. Clayton, who served as SEC president for nearly four years of the Trump administration, will also return to his former law firm, Sullivan & Cromwell, but in the role of special policy adviser and attorney. At the SEC, their main mandate was to make it easier for companies to tap public markets and protect retail investors from market manipulation.
Mr. Clayton’s “appointment underscores our commitment to both rigorous oversight and a diverse approach,” Mark Rowan, who will succeed Mr. Black as chief executive, said in a statement.