A former SEC chair is taking over a publicly traded, alternative asset manager's expanding board.

On Monday, the folks at Apollo Global Management, Inc. confirmed that Jay Clayton is succeeding Apollo founder Leon Black as chairman of Apollo's board. The move comes after Clayton stepped down as SEC chair in December and after he joined Apollo's board at the beginning of this month as lead independent director.

Meanwhile, Apollo co-founder Marc Rowan is succeeding Black as CEO. And with the expansion of Apollo's board to 15 members, the two newest members are Richard Emerson (president of Pendra Capital) and Kerry Murphy Healey (the inaugural president of the Milken Center for Advancing the American Dream). And Clayton is also rejoining his old law firm, Sullivan & Cromwell LLP, as senior policy advisor and of counsel in their New York City office. (He's also returning to UPenn's Carey Law School as an adjunct professor.)

Clayton, who was appointed SEC chair four years ago after spending more than 20 years with Sullivan & Cromwell LLP. He is an alumnus of UPenn and its law school, and of the University of Cambridge.

Apollo had $455 billion in AUM as of December 31. 

Edited by: Neil Anderson, Managing Editor


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