Apollo Global Management stated that the company was forced to abandon its plan to hire former TIAA boss Roger Ferguson as vice chairman after the senior investment executive revealed that his former employer’s promise prevented him from holding the position.
The reversal disclosed on Monday was a blow to Apollo, which described the recruitment as a vote of confidence in the private equity firm as it merged with retirement annuity company Athene Holding and sought to get rid of former CEO Leon The shadow of Blake.
“Roger Ferguson can go to work anywhere,” Apollo CEO Mark Rowan said in an investor speech last month. “He is… one of the country’s most famous ethnic minority businessmen and serves on the Alphabet board. No one is doing what we are doing.”
TIAA declined to answer questions about its relationship with the former CEO, who had served as the vice chairman of the Federal Reserve.
Apollo said in a statement: “Roger recently told us that he had certain ongoing commitments with his former employer and they are currently preventing him from cooperating with us,” Apollo said in a statement. Reported by Bloomberg earlier. “We are very optimistic about Roger and wish him all the best.”
This deadlock signifies that the decision of a large financial institution to prevent a senior employee from working in other financial fields seems to be an unusual decision.
Ferguson’s former employer was originally called the American Teachers Insurance and Annuity Association. Under his leadership, his assets more than doubled and became a diversified investment company.
But TIAA’s business increasingly overlaps elements of the Apollo-Athene empire, and when the two companies merge early next year, the latter will become a broad provider of retirement annuities and pension risk transfer solutions.
Since Black stepped down as CEO at the beginning of this year, Apollo announced a series of high-profile recruitment and governance reforms, after his professional relationship with the late sex offender Jeffrey Epstein was exposed.
Jay Clayton, the former chairman of the Securities and Exchange Commission, joined Apollo’s board of directors in February, and he was appointed chairman of the company a month ago.
Siddhartha Mukherjee, a Pulitzer Prize winner, oncologist and writer, joined the Apollo Board of Directors in the same month, but he announced in June that he would step down.
Bill Lewis, long-time chairman of Lazard Investment Bank, said last month that he would switch to Apollo as a senior partner. According to the announcement of his former employer, his first day in the office was Monday.