2025 Retirement Services Business Update
Board & Executive Officers
Board of Directors
Jim Belardi
Jim Belardi
Co-Founder, Executive Chairman and Chief Investment Officer, Athene Holding Ltd. and Partner, Apollo Global Management, Inc.
James Belardi is an executive officer of Apollo Global Management, Inc. (“AGM”) and a member of AGM’s board of directors. He has served as a member of the AGM board of directors since January 2022. Mr. Belardi is also a member of the executive committee of AGM’s board of directors and AGM’s leadership team. Mr. Belardi is the Co-Founder, Executive Chairman and Chief Investment Officer of Athene Holding Ltd. (“AHL”). He is also the Chairman of AHL’s Board of Directors and a member of AHL’s executive committee. Mr. Belardi served as AHL’s Chief Executive Officer from May 2009 until July 2025. Under his leadership, AHL grew from a startup to the leading retirement services company, with nearly $400 billion in total assets, annual earnings exceeding $3 billion, and market-leading annuity and reinsurance franchises. He has over 35 years of experience in retirement services, insurance and asset management. In addition, Mr. Belardi is the founder, Chairman and Chief Executive Officer of Apollo Insurance Solutions Group LP (“ISG”), AHL’s investment manager, and is a member of ISG’s executive committee. Prior to founding AHL and ISG, Mr. Belardi was President of SunAmerica Life Insurance Company and was also Executive Vice President and Chief Investment Officer of AIG Retirement Services, Inc., where he had responsibility for an invested-asset portfolio of $250 billion. He currently serves on the board of directors of ISG, Paulist Productions, and Southern California Aquatics. Mr. Belardi swam in the 1976 and 1980 Olympic Swimming Trials and is a nine-time Masters Swimming World Record Holder. Mr. Belardi has a B.A. in economics from Stanford University and an M.B.A. from the University of California, Los Angeles. Mr. Belardi’s demonstrated track record in and deep knowledge of the financial services business, including having founded both AHL and ISG, and his extensive experience in the insurance industry provides immense value to AGM’s and AHL’s board of directors.
Gary Cohn
Gary Cohn
Lead Independent Director
Gary Cohn is the Lead Independent Director, Chair of the executive committee and Chair of the nominating and corporate governance committee of Apollo Global Management, Inc.’s (“AGM”) board of directors. He has served as a member of the AGM board of directors since April 2025. Since 2021, Gary Cohn has served as Vice Chairman of IBM, working with the other IBM Executive Leadership Team members on a wide range of business initiatives and external engagement in areas including business development, public advocacy and client relationship management. Mr. Cohn previously served as Assistant to the President of the United States for Economic Policy and Director of the National Economic Council from January 2017 to April 2018. As chief economic advisor to the President, Mr. Cohn managed the administration’s economic policy agenda and led the successful effort to grow the U.S. economy, create jobs and increase wages through tax and regulatory reform. Prior to his White House tenure, Mr. Cohn was President and Chief Operating Officer of The Goldman Sachs Group, Inc. from 2006 to 2016. He joined Goldman Sachs in 1990 and held several other leadership positions including Global Co-Head of the Equities and Fixed Income, Currency and Commodities Division. Mr. Cohn is an internationally recognized expert on financial markets, economic policy and global economy. He brings extensive leadership experience in building and managing global businesses, with deep expertise in corporate strategy, financial and operational oversight and driving growth in complex, client centric organizations. Mr. Cohn is a member of the Systemic Resolution Advisory Committee of the Federal Deposit Insurance Corporation. Mr. Cohn also currently serves on the boards of directors of several privately held companies. Mr. Cohn is a member of the Board of Trustees of the New York University (“NYU”) Langone Health, serves as Chairman of the Advisory Board for the NYU Langone Orthopedic Hospital and serves on the Board of Overseers of the NYU Tandon School of Engineering. Mr. Cohn holds a B.S. degree from American University. Mr. Cohn’s extensive experience in the financial services industry and economic and tax policy expertise make him a valuable member of AGM’s board of directors.
Scott Kleinman
Scott Kleinman
Co-President, Apollo Asset Management
Scott Kleinman is an executive officer of Apollo Global Management, Inc. (“AGM”) and a member of AGM’s board of directors. He has served as a member of the AGM board of directors since January 2022. Mr. Kleinman is also a member of the executive committee of AGM’s board of directors and a member of AGM’s leadership team. Mr. Kleinman served on Athene Holding Ltd.’s board of directors from December 2018 until November 2023. Mr. Kleinman is Co-President of Apollo Asset Management, Inc. (“AAM”), a private company since September 2023, co-leading AAM’s day-to-day operations, including all of AAM’s revenue-generating businesses and enterprise solutions across its integrated alternative investment platform. He joined the AAM board of directors effective March 2021, and he became Co-Chair in January 2022. Mr. Kleinman joined Apollo six years after its inception in 1996, and he was named Lead Partner for Private Equity in 2009 prior to being named Co-President in 2018. Prior to joining Apollo, Mr. Kleinman was a member of the Investment Banking division at Smith Barney Inc. Mr. Kleinman also currently serves on the board of directors of Athora Holding Ltd. and previously served on the board of directors of Apollo Strategic Growth Capital and Apollo Strategic Growth Capital II. In 2014, Mr. Kleinman founded the Kleinman Center for Energy Policy at the University of Pennsylvania. He is a member of the Board of Advisors at the University of Pennsylvania Stuart Weitzman School of Design. He is also a member of the Board of Advisors of Nature Conservancy New York as well as the Board of Directors of White Plains Hospital, where he co-chaired the COVID-19 Relief Campaign. Mr. Kleinman received a B.A. and B.S. from the University of Pennsylvania and the Wharton School of Business, respectively, graduating magna cum laude, Phi Beta Kappa. Mr. Kleinman’s extensive knowledge of Apollo’s business and expertise in private equity investments enhance the breadth of experience of AGM’s board of directors.
Marc Rowan
Marc Rowan
Chief Executive Officer and Chair of the Board, Apollo Global Management
Marc Rowan is a Co-Founder, Chief Executive Officer and Chair of the board of directors of Apollo Global Management, Inc. (“AGM”). He is an executive officer of AGM and serves as a member of the executive committee of the AGM board of directors and AGM’s leadership team. From 2009 to August 2025, Mr. Rowan served as a member of the board of directors of Athene Holding Ltd. (“AHL”) and a member of the executive committee of the AHL board of directors. Currently, Mr. Rowan is Chair of the Board of Advisors of the Wharton School of Business at the University of Pennsylvania. In addition, he is involved in public policy and is an initial funder and contributor to the development of the Penn Wharton Budget Model, a nonpartisan research initiative which provides analysis of public policy’s fiscal impact. An active philanthropist and civically engaged, Mr. Rowan is Chair of the Board of UJA-Federation of New York, the world’s largest local philanthropy helping 4.5 million people annually while funding a network of nonprofits in New York, Israel, and 70 countries. He is also a founding member and Chair of Youth Renewal Fund and Vice Chair of Darca, Israel’s top educational network operating 47 schools with over 27,000 students throughout Israel’s most diverse and under-served communities. He is an Executive Committee member of the Civil Society Fellowship, a partnership of ADL and the Aspen Institute, designed to empower the next generation of community leaders and problem solvers. Mr. Rowan graduated summa cum laude from the University of Pennsylvania’s Wharton School of Business with a B.S. and an M.B.A. in Finance. Mr. Rowan’s extensive financial background and expertise in making and managing investments enhance the breadth of experience of AGM’s board of directors.
Jim Zelter
Jim Zelter
President of Apollo Global Management
James Zelter has served as President of Apollo Global Management, Inc. (“AGM”) since January 2025 and is a member of AGM’s board of directors. He has served as a member of the AGM board of directors since January 2022. As President, Mr. Zelter is responsible for overseeing operating and key strategic initiatives across AGM’s asset management and retirement services businesses. Mr. Zelter is also an executive officer of AGM, a member of the executive committee of AGM’s board of directors, and a member of AGM’s leadership team. Mr. Zelter previously served as a member and Co-Chair of Apollo Asset Management, Inc.’s (“AAM”) board of directors, a private company since September 2023, from March 2021 to January 2025 and from January 2022 to January 2025, respectively. He also served as Co-President of AAM from January 2018 to January 2025, co-leading AAM’s day-to-day operations, including all of AAM’s revenue-generating businesses and enterprise solutions across its integrated alternative investment platform. Mr. Zelter joined Apollo in 2006, and served as the Chief Investment Officer of Apollo’s credit business from 2006 to January 2025. Since 2006, Mr. Zelter has also served in several senior roles at MidCap Financial Investment Corporation (f/k/a Apollo Investment Corporation), a publicly traded vehicle managed by Apollo, and served as a director on its board of directors from 2006 to 2020. Prior to joining Apollo, Mr. Zelter was with Citigroup Inc. and its predecessor companies from 1994 to 2006. From 2003 to 2005, Mr. Zelter was Chief Investment Officer of Citigroup Alternative Investments, and prior to that he was responsible for Citigroup’s Global High Yield franchise. Prior to joining Citigroup in 1994, Mr. Zelter was a High Yield Trader at Goldman, Sachs & Co. Mr. Zelter has significant experience in global credit markets and has overseen the broad expansion of Apollo’s credit platform. He is a member of the Duke University Board of Trustees and a board member of DUMAC, Inc., the investment management company that oversees the Duke University endowment. Mr. Zelter also serves on the board of directors of the Partnership for New York City, and The Bridge Golf Foundation, as well as the Board of Fellows of Weill Cornell Medicine. Mr. Zelter has a B.A. in Economics from Duke University. Mr. Zelter’s extensive knowledge of Apollo’s business and expertise in credit investments enhances the breadth of experience of AGM’s board of directors.
Executive Officers
Jim Belardi
Jim Belardi
Co-Founder, Executive Chairman and Chief Investment Officer, Athene Holding Ltd. and Partner, Apollo Global Management, Inc.
James Belardi is an executive officer of Apollo Global Management, Inc. (“AGM”) and a member of AGM’s board of directors. He has served as a member of the AGM board of directors since January 2022. Mr. Belardi is also a member of the executive committee of AGM’s board of directors and AGM’s leadership team. Mr. Belardi is the Co-Founder, Executive Chairman and Chief Investment Officer of Athene Holding Ltd. (“AHL”). He is also the Chairman of AHL’s Board of Directors and a member of AHL’s executive committee. Mr. Belardi served as AHL’s Chief Executive Officer from May 2009 until July 2025. Under his leadership, AHL grew from a startup to the leading retirement services company, with nearly $400 billion in total assets, annual earnings exceeding $3 billion, and market-leading annuity and reinsurance franchises. He has over 35 years of experience in retirement services, insurance and asset management. In addition, Mr. Belardi is the founder, Chairman and Chief Executive Officer of Apollo Insurance Solutions Group LP (“ISG”), AHL’s investment manager, and is a member of ISG’s executive committee. Prior to founding AHL and ISG, Mr. Belardi was President of SunAmerica Life Insurance Company and was also Executive Vice President and Chief Investment Officer of AIG Retirement Services, Inc., where he had responsibility for an invested-asset portfolio of $250 billion. He currently serves on the board of directors of ISG, Paulist Productions, and Southern California Aquatics. Mr. Belardi swam in the 1976 and 1980 Olympic Swimming Trials and is a nine-time Masters Swimming World Record Holder. Mr. Belardi has a B.A. in economics from Stanford University and an M.B.A. from the University of California, Los Angeles. Mr. Belardi’s demonstrated track record in and deep knowledge of the financial services business, including having founded both AHL and ISG, and his extensive experience in the insurance industry provides immense value to AGM’s and AHL’s board of directors.
Whitney Chatterjee
Whitney Chatterjee
Partner & Chief Legal Officer
Whitney Chatterjee joined Apollo in 2023 and serves as the Chief Legal Officer of Apollo Global Management, Inc. (“AGM”). Ms. Chatterjee is an executive officer of AGM and a member of AGM’s leadership team. Prior to joining Apollo, Ms. Chatterjee spent over 20 years at Sullivan & Cromwell LLP where she most recently served as a Partner in the Financial Services Group and Head of the Investment Management practice. She has extensive experience counseling investment managers to public and private funds, independent directors and trustees, fund sponsors, private investment funds and financial services companies on a wide variety of matters, including transactional, fund formation, regulatory, compliance and corporate governance matters. While at Sullivan & Cromwell LLP, Ms. Chatterjee collaborated with clients and investment management industry groups on significant legislative and regulatory developments affecting the asset management industry. Ms. Chatterjee received her J.D. from Columbia Law School and her B.A. from Hamilton College.
Martin Kelly
Martin Kelly
Chief Financial Officer
Mr. Kelly joined Apollo in 2012 and serves as the Chief Financial Officer of Apollo Global Management, Inc. (“AGM”). Mr. Kelly is an executive officer of AGM and a member of AGM’s leadership team. Mr. Kelly served as Chief Financial Officer of Apollo Asset Management, Inc. from September 2012 through February 2022. From January 2019 through December 2021, Mr. Kelly also served as our Co-Chief Operating Officer. From 2008 to 2012, Mr. Kelly was with Barclays Capital and, from 2000 to 2008, Mr. Kelly was with Lehman Brothers Holdings Inc. Prior to departing Barclays Capital, Mr. Kelly served as Managing Director, CFO of the Americas, and Global Head of Financial Control for their Corporate and Investment Bank. Prior to joining Lehman Brothers in 2000, Mr. Kelly spent 13 years with PricewaterhouseCoopers LLP, including serving in the Financial Services Group in New York from 1994 to 2000. Mr. Kelly was appointed a Partner of the firm in 1999. Mr. Kelly serves as a trustee of The Hotchkiss School and as a member of the board of directors of the U.S. Olympic and Paralympic Foundation. Mr. Kelly received a degree in Commerce, majoring in Finance and Accounting, from the University of New South Wales.
Scott Kleinman
Scott Kleinman
Co-President, Apollo Asset Management
Scott Kleinman is an executive officer of Apollo Global Management, Inc. (“AGM”) and a member of AGM’s board of directors. He has served as a member of the AGM board of directors since January 2022. Mr. Kleinman is also a member of the executive committee of AGM’s board of directors and a member of AGM’s leadership team. Mr. Kleinman served on Athene Holding Ltd.’s board of directors from December 2018 until November 2023. Mr. Kleinman is Co-President of Apollo Asset Management, Inc. (“AAM”), a private company since September 2023, co-leading AAM’s day-to-day operations, including all of AAM’s revenue-generating businesses and enterprise solutions across its integrated alternative investment platform. He joined the AAM board of directors effective March 2021, and he became Co-Chair in January 2022. Mr. Kleinman joined Apollo six years after its inception in 1996, and he was named Lead Partner for Private Equity in 2009 prior to being named Co-President in 2018. Prior to joining Apollo, Mr. Kleinman was a member of the Investment Banking division at Smith Barney Inc. Mr. Kleinman also currently serves on the board of directors of Athora Holding Ltd. and previously served on the board of directors of Apollo Strategic Growth Capital and Apollo Strategic Growth Capital II. In 2014, Mr. Kleinman founded the Kleinman Center for Energy Policy at the University of Pennsylvania. He is a member of the Board of Advisors at the University of Pennsylvania Stuart Weitzman School of Design. He is also a member of the Board of Advisors of Nature Conservancy New York as well as the Board of Directors of White Plains Hospital, where he co-chaired the COVID-19 Relief Campaign. Mr. Kleinman received a B.A. and B.S. from the University of Pennsylvania and the Wharton School of Business, respectively, graduating magna cum laude, Phi Beta Kappa. Mr. Kleinman’s extensive knowledge of Apollo’s business and expertise in private equity investments enhance the breadth of experience of AGM’s board of directors.
Grant Kvalheim
Grant Kvalheim
Chief Executive Officer, Athene Holding Ltd. and Partner, Apollo Global Management, Inc.
Grant Kvalheim is an executive officer of Apollo Global Management, Inc. (“AGM”) and serves as an observer on the executive committee of the AGM board of directors. Mr. Kvalheim is also the Chief Executive Officer of Athene Holding Ltd. (“AHL” or “Athene”), where he is responsible for expanding market share, prioritizing innovation, entering new markets and leading Athene through its next phase of growth. Since August 2025, Mr. Kvalheim has served as a member of AHL’s board of directors and a member of the executive committee of AHL’s board of directors. Mr. Kvalheim joined AHL in January 2011 as its Chief Financial Officer and later served as president, a role he held until July 2025. As President of AHL, Mr. Kvalheim was responsible for running Athene’s U.S. operations with a focus on growing organic origination. In that capacity, he led Athene’s entry into the U.S. annuity business where it has become the market leader. He also developed Athene’s Funding Agreement program, where Athene is the largest issuer, and guided Athene’s Pension Group Annuity franchise. Prior to joining Athene, Mr. Kvalheim was a Co-President of Barclays Capital where he grew the European investment grade credit business into a leading global credit franchise. Earlier in his career, he held senior executive positions in the investment banks of Deutsche Bank and Merrill Lynch. Mr. Kvalheim currently serves on the board of directors of the American Council of Life Insurers, Great Outdoors Foundation, SolHealth and Mottahedeh & Co., Inc. and is a member of the Geneva Association. He holds a B.S. degree in economics from Claremont McKenna College, and an M.B.A. in finance from the University of Chicago.
Marc Rowan
Marc Rowan
Chief Executive Officer and Chair of the Board, Apollo Global Management
Marc Rowan is a Co-Founder, Chief Executive Officer and Chair of the board of directors of Apollo Global Management, Inc. (“AGM”). He is an executive officer of AGM and serves as a member of the executive committee of the AGM board of directors and AGM’s leadership team. From 2009 to August 2025, Mr. Rowan served as a member of the board of directors of Athene Holding Ltd. (“AHL”) and a member of the executive committee of the AHL board of directors. Currently, Mr. Rowan is Chair of the Board of Advisors of the Wharton School of Business at the University of Pennsylvania. In addition, he is involved in public policy and is an initial funder and contributor to the development of the Penn Wharton Budget Model, a nonpartisan research initiative which provides analysis of public policy’s fiscal impact. An active philanthropist and civically engaged, Mr. Rowan is Chair of the Board of UJA-Federation of New York, the world’s largest local philanthropy helping 4.5 million people annually while funding a network of nonprofits in New York, Israel, and 70 countries. He is also a founding member and Chair of Youth Renewal Fund and Vice Chair of Darca, Israel’s top educational network operating 47 schools with over 27,000 students throughout Israel’s most diverse and under-served communities. He is an Executive Committee member of the Civil Society Fellowship, a partnership of ADL and the Aspen Institute, designed to empower the next generation of community leaders and problem solvers. Mr. Rowan graduated summa cum laude from the University of Pennsylvania’s Wharton School of Business with a B.S. and an M.B.A. in Finance. Mr. Rowan’s extensive financial background and expertise in making and managing investments enhance the breadth of experience of AGM’s board of directors.
Jim Zelter
Jim Zelter
President of Apollo Global Management
James Zelter has served as President of Apollo Global Management, Inc. (“AGM”) since January 2025 and is a member of AGM’s board of directors. He has served as a member of the AGM board of directors since January 2022. As President, Mr. Zelter is responsible for overseeing operating and key strategic initiatives across AGM’s asset management and retirement services businesses. Mr. Zelter is also an executive officer of AGM, a member of the executive committee of AGM’s board of directors, and a member of AGM’s leadership team. Mr. Zelter previously served as a member and Co-Chair of Apollo Asset Management, Inc.’s (“AAM”) board of directors, a private company since September 2023, from March 2021 to January 2025 and from January 2022 to January 2025, respectively. He also served as Co-President of AAM from January 2018 to January 2025, co-leading AAM’s day-to-day operations, including all of AAM’s revenue-generating businesses and enterprise solutions across its integrated alternative investment platform. Mr. Zelter joined Apollo in 2006, and served as the Chief Investment Officer of Apollo’s credit business from 2006 to January 2025. Since 2006, Mr. Zelter has also served in several senior roles at MidCap Financial Investment Corporation (f/k/a Apollo Investment Corporation), a publicly traded vehicle managed by Apollo, and served as a director on its board of directors from 2006 to 2020. Prior to joining Apollo, Mr. Zelter was with Citigroup Inc. and its predecessor companies from 1994 to 2006. From 2003 to 2005, Mr. Zelter was Chief Investment Officer of Citigroup Alternative Investments, and prior to that he was responsible for Citigroup’s Global High Yield franchise. Prior to joining Citigroup in 1994, Mr. Zelter was a High Yield Trader at Goldman, Sachs & Co. Mr. Zelter has significant experience in global credit markets and has overseen the broad expansion of Apollo’s credit platform. He is a member of the Duke University Board of Trustees and a board member of DUMAC, Inc., the investment management company that oversees the Duke University endowment. Mr. Zelter also serves on the board of directors of the Partnership for New York City, and The Bridge Golf Foundation, as well as the Board of Fellows of Weill Cornell Medicine. Mr. Zelter has a B.A. in Economics from Duke University. Mr. Zelter’s extensive knowledge of Apollo’s business and expertise in credit investments enhances the breadth of experience of AGM’s board of directors.
John Zito
John Zito
Co-President, Apollo Asset Management
Mr. Zito is Co-President of Apollo Asset Management, Inc. (“AAM”), co-leading all investing activity and day-to-day management of AAM’s asset management business. Mr. Zito is also an executive officer of Apollo Global Management, Inc. (“AGM”), the Head of Credit, and a member of AGM’s leadership team. He joined the AAM board of directors as Co-Chair in January 2025. Prior to joining Apollo in 2012, Mr. Zito served as a managing director and portfolio manager at Brencourt Advisors and previously spent five years as a portfolio manager at Veritas Fund Group. Mr. Zito is a Chartered Financial Analyst charter holder and he graduated cum laude from Amherst College with an AB in economics.