Marc Spilker, president of alternative investment firm Apollo Global Management, is stepping down, but he will stay at the firm as a senior adviser for the rest of the year, according to a news release.
Apollo will not be replacing Mr. Spilker; his duties will be filled by the existing executive team, according to people familiar with the matter. Apollo Global Management's executive committee, of which Mr. Spilker was a part, will manage the firm, with the management committee running Apollo's growth initiatives and day-to-day operations. Members of Apollo's executive committee are Leon Black, chairman and CEO; Josh Harris, senior managing director; and Marc Rowan, senior managing director.
Mr. Spilker joined the joined Apollo Global Management as president in December 2010, after retiring as co-head of Goldman Sachs Asset Management's investment management division in May 2010. Mr. Spilker was hired, in part, to help Apollo make the transition to a publicly traded company, the people familiar with the situation said.
Charles Zehren, Apollo spokesman, declined to comment. Mr. Spilker could not be reached by press time.