Apollo announces leadership changes as part of five-year plan

Apollo (NYSE:APO) on Wednesday announced a series of key leadership appointments at its holding company Apollo Global Management Inc as part of its five-year plan.

Jim Zelter has been appointed President of Apollo Global Management, while John Zito has been named Co-President of Apollo Asset Management alongside Scott Kleinman, the company said in a press release. 

Apollo also extended Chief Executive Officer Marc Rowan’s tenure through a five-year agreement.

Shares in Apollo rose 3.7% in premarket trading to $159.33 following the leadership announcements.

In his new role, Zelter will collaborate closely with Rowan to drive strategic initiatives and execute the five-year plan. Zito will work alongside Kleinman to oversee investing activities and manage the operations of Apollo’s asset management business.

Zito will also continue to lead Apollo’s credit business.

“We are rich for talent at Apollo. These senior leadership appointments reflect that and will support our ongoing evolution as a next generation financial services firm,” said CEO Marc Rowan said in a press release.