(Reuters) – Apollo Global Management Inc on Thursday appointed former Securities and Exchange Commission Chairman Jay Clayton as the lead independent director, as the private equity firm looks to overhaul its corporate governance practices.
The appointment comes after Chief Executive Leon Black last month decided to step down following the firm’s investigation into his ties to the late financier and convicted sex offender Jeffrey Epstein.
Black was cleared of any wrongdoing, but said he would retire by July and only keep his role as chairman.
Clayton will assume the newly created role on March 1, Apollo said, adding he was selected due to his professional experience and understanding of private and public capital markets.
Clayton was the SEC chairman from May 2017 to December 2020.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Arun Koyyur)
