• Marc Rowan on Wednesday addressed succession at the private-equity giant Apollo Global.
• The remarks come weeks after he interviewed for a Trump Cabinet position.
• He flagged several key heads of businesses and the "next generation" of talent.

After Apollo CEO Marc Rowan's whirlwind candidacy for Donald Trump's Treasury secretary, questions remain about what could become of the firm after his eventual exit. After all, he's the last remaining "cofounder" of the newest member of the S&P 500 (Rowan and Josh Harris, the firm's former COO, were granted cofounder status by then-CEO Leon Black about the time the firm went public).

When asked about succession at Wednesday's Goldman Sachs Financial Services Conference, Rowan laid out the private-equity giant's general plan, including the members of his team who could one day succeed him.

"Part of the responsibility that we think we have in stewarding a company is to make sure that everyone has a backup, myself included," Rowan said before delving into the firm's stable of senior talent.

He highlighted "two very, very senior partners" in asset management, likely referring to Scott Kleinman and Jim Zelter. As Business Insider has previously reported, Wall Street stock analysts view the two Apollo Asset Management copresidents as Rowan's natural successors. Rowan also mentioned "two very, very senior partners" in the firm's retirement-services business, Athene. The heads of that business include Grant Kvalheim, its president, and Jim Belardi, its cofounder, CEO, and chief investment officer.

But beyond these names, Rowan said there's "another 10 in asset management and another handful in retirement services" who represent "the next generation" of Apollo executives. He suggested they could soon start playing a more pronounced role in running the company.

"I think you should look to the next 12 months as we will start really pushing forward the next generation and making the transition before we need to," Rowan said, comparing Apollo's preparations for the future to those at any large financial firm.

Rowan, the CEO of Apollo since 2021, has been the visionary behind the company's transformation from a traditional private-equity firm to one that also issues loans and retirement products. The stock is up nearly 275% since he took the helm.

Last month, he was floated as a prospect for Treasury secretary under Trump and Puck reported he flew to Mar-a-Lago to meet with the president-elect, who ultimately tapped the hedge-fund manager Scott Bessent.

Rowan made the comments just days after Apollo was picked to join the S&P 500 index starting December 23, with its stock reaching record highs. Rowan, however, warned against complacency.

"It's just important to realize all of our industry has been really successful," Rowan said, adding that some might be "tempted to take a breath, take a victory lap, or they can keep trying to win."

As BI has previously reported, Rowan has gone to great lengths to keep his employees on their toes despite the company's success, including 4 a.m. wake-up calls and bringing in speakers to scare "'the bejesus out of them."

"I want to make sure that we have a team that is not tired that wants to win because winning is going to involve changing," Rowan said Wednesday. "The shape of our firms is not going to be the same in the next five years."

• Apollo CEO Marc Rowan has transformed Apollo since he took over as CEO in 2021.
• Now, he's being floated as a potential Treasury Secretary under Donald Trump.
• Here's what could happen to Rowan's vision if he leaves and who might fill his shoes.

Since Marc Rowan took over Apollo Global Management in 2021, he's transformed the firm — sending the stock skyrocketing.

Now, the 62-year-old CEO is being floated as a potential candidate for Treasury Secretary under Donald Trump, raising questions about who could take his place, how his departure could impact the firm's ambitious growth plans, and how Apollo might benefit from the Trump White House.

Business Insider spoke to Chris Kotowski, a stock research analyst who covers Apollo for Oppenheimer. He said Rowan's five-year plan for Apollo, which includes doubling its lending business to $1.2 trillion by 2029, would proceed without him.

"I don't think that the vision changes any time soon if Rowan were to leave," Kotowkski told BI. "While Marc is in many ways the visionary leader, I think that APO is pretty institutionalized now and will get on fine without the founder," he said, referring to the company by its stock ticker.

Contenders to take over the top role, Kotowski said, include Apollo copresidents Scott Kleinman and Jim Zelter, as well as Grant Kvalheim, president of Apollo's insurance arm Athene, which has provided Apollo capital for its burgeoning lending business.

"The most likely outcome, in my view, is that the two copresidents, Scott Kleinman and Jim Zelter, would be made coCEOs," Kotowski told BI.

Representatives for Apollo didn't return a request for comment on Rowan's plans or the firm's succession plans.

Rowan is Apollo's second CEO since the firm was founded in 1990. Founder Leon Black ran the firm as CEO until he stepped down in 2021 amid a cloud over his relationship with Jeffrey Epstein. An independent investigation ordered by Apollo found Black had paid the convicted sex offender and financier $158 million in fees over the years for financial advice and tax planning (Black has previously told investors "I deeply regret" his involvement with Epstein).

Josh Harris, another founder, was also reportedly in the running for CEO, but Rowan got the job.

Black and Harris, owner of the Washington Commanders and other sports teams, remain large shareholders of Apollo with 7.5% and 6.0% stakes respectively. Rowan, also a founder, owns 6.1%.

Kotowski, however, ruled out any suggestion that either Black or Harris would reenter the picture should Rowan leave.

"Black and Harris are almost certainly not coming back," Kotowski said.

Representatives for both men declined to comment.

Since taking over the top job, Rowan's credit strategy has become the envy of the industry. Apollo's 2022 merger with Athene brought life insurance and retirement capital to Apollo's balance sheet, which it has leveraged to become the world's largest private lender.

This extra capital helped Apollo thrive during the last few years, stepping in to lend to corporate clients while banks and others took a back seat. Apollo has become the leader of an industry boom in private credit, which now makes up $598 billion of the firm's $733 billion of assets under management.

In a presentation to investors in October, Rowan unveiled plans to double down on the firm's lending business. More recently, he explained how the firm plans to attract more insurance dollars, which will fund the lending business, by expanding its annuity products for retirees.

Kleinman has worked at Apollo since 1996, and was named lead partner for private equity at the firm in 2009. Zelter, longtime leader of credit at Apollo, joined the company in 2006 after a long career at Citigroup where he rose to become CIO of alternative investments.

The men were named copresidents in 2018.

Kotowski called Kvalheim, president of Athene and CEO of Athene USA, a "dark horse" candidate, saying his "betting would generally be on Kleinman and Zelter."

Regardless of whether Rowan leaves or not, his vision could be helped by the Trump administration. Rowan often points to Australia's retirement model, which has been open to more private investment for decades and outperforms the American model, as a model that would boost Apollo's growth.

Trump previously opened up some 401(k) investing to private equity in 2020, and Rowan has signaled hope that it could expand further.

"Should we get access to 401(k) through broad-based reform or regulatory change or regulatory encouragement, I believe that would be upside not just for us, but for the entire industry," Rowan said earlier this month.

Of course, if Rowan were to leave, he likely would have to sell his 6.1% share in Apollo, worth nearly $6 billion, and have his assets put into a blind trust. It's unclear what that could do to the stock price, but given Apollo's recent stellar performance, it's not a bad time to divest.