In the last trading session, the stock price of Apollo Investment Corp (NASDAQ:AINV) declined 0.18% to close the day at $5.65. The decline came at a share volume of 2.45 million compared to average share volume of 1.04 million. More recently, the company reported changes in its executive leadership team with the promotion of James Zelter and Scott Kleinman to serve as Co-Presidents.
In connection with the latest appointments, the existing roles of Leon Black, CEO, Founder and Chairman, Josh Harris, Co-Founder and Senior Managing Director, and Marc Rowan, the Co-Founder and Senior Managing Director, will continue pertaining to Apollo Investment’s investment committee decision-making and strategic leadership.
The appointments of Mr. Zelter and Mr. Kleinman to the newly created roles of Co-President becomes effective from January 1, 2018. Both will report to the CEO. In their new roles, Mr. Zelter and Mr. Kleinman will have entire responsibility for all of company’s investing and revenue-generating businesses. Kleinman will focus on company’s opportunistic and equity businesses, while Zelter will focus on company’s yield and credit businesses. They will also continue to be a part of the investment committees in their areas of focus.
Mr. Black expressed that Zelter and Kleinman are two of the most proficient managers and investors in the industry. Their promotions highlight a natural progression of their illustrious careers. This latest leadership structure strengthens and affirms the inherent power of Apollo’s integrated international investment platform having $242 billion under total AUM across Private Equity, Credit and Real Assets.
Mr. Harris stated that Scott has been with company for over two decades. He has played a vital role in leading the growth of their private equity business while keeping premium investment track record. Jim has been with Apollo Investment for over a decade now, and he has done a remarkable job overseeing the growth of their credit business into one of the largest alternative credit platforms in the world.