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 firms 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 (BTC, -3.41%) 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.