Jay Clayton, the former S.E.C. chairman, will join Apollo’s board.

  • Date: 19-Feb-2021
  • Source: The New York Times
  • Sector:Economy
  • Country:Middle East
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Jay Clayton, the former S.E.C. chairman, will join Apollo’s board.

Jay Clayton, the former S.E.C. chairman, will join Apollo's board.The appointment of Jay Clayton is part of a series of steps that Apollo Global Management announced last month to expand its board and promote greater independence.Credit...Shannon Stapleton/ReutersBy Matthew GoldsteinFeb. 18, 2021, 10:30 a.m. ETJay Clayton, the former Securities and Exchange Commission chairman, will serve as the lead independent director of Apollo Global Management, the private equity firm said on Thursday.The move is intended to improve the Wall Street firm's governance in the wake of the revelation that Leon Black, one of the firm's co-founders, had paid $158 million in fees to the registered sex offender Jeffrey Epstein.The appointment of Mr. Clayton is part of a series of steps Apollo announced last month to expand its board and promote greater independence. Mr. Clayton's post as lead director may help alleviate concerns about Mr. Black's decision to remain as chairman even after he steps down as chief executive by this summer.A report commissioned by Apollo's board that reviewed Mr. Black's professional dealings with Mr. Epstein found that Mr. Black did nothing wrong and was unaware of the predatory conduct with teenage girls that led to Mr. Epstein's arrest in 2019 on federal