Apollo Global Management plans to offer $50 million worth of new shares as part of its listing on the New York Stock Exchange, according to an amended regulatory filing. Previously, the private equity firm only had been seeking to move its listing over to the NYSE from the GSTrUE, where it currently trades. Seems some existing shareholders wanted liquidity on Day 1.
More interesting than the new shares, however, is the newly-disclosed salary information. Apollo CEO Leon Black made a base salary of just $100,000 last year, and total compensation of $787,391. That’s huge money for ordinary folk, but not for the head of a private equity firm with more than $50 billion in assets under management.
Moreover, Black isn’t close to the highest-paid member of his own firm. That honor goes to James Zelter, managing director of Apollo’s capital markets division, who earned $12.06 million last year (none of which was “salary,” per se). Next up was vice chairman and COO Henry Silverman with a $7 million haul, although most of that was related to consulting work done prior to his signing on as COO (no details of what type of consulting earned such a hefty sum). Chief legal officer John Suydam snared $4.92 million, while CFO Kenneth Vecchione earned $2.88 million.
The filing also indicates that Vecchione resigned his position at the end of January.
Salaries for senior managing directors Josh Harris and Marc Rowen are not listed, as they each appear to have made less than the filing threshold (i.e., less than Black).