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Marc Rowan

From Wikipedia, the free encyclopedia
Marc Rowan
Born (1962-08-19) August 19, 1962 (age 62)
EducationUniversity of Pennsylvania (BS, MBA)
Occupations
Known forCo-founder and CEO, Apollo Global Management
SpouseCarolyn Pleva
Children4

Marc Jeffrey Rowan (born August 19, 1962) is an American investor and philanthropist.[1] He has served as the chief executive officer (CEO) of Apollo Global Management since 2021. He co-founded the firm in 1990 with Josh Harris and Leon Black. As of November 2024, Forbes estimated his net worth at $8.8 billion.[2]

Early life and education

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Rowan was born in 1962 to a Jewish family.[3] He was raised on Long Island, New York.[4] He moved with his family to Hollywood, Florida where he attended high school, traveling between New York.[4] His father worked in auto-leasing.[4] His mother Barbara was a teacher and a trained concert pianist.[5] He has one sister, Andrea.[6] His grandfather, Emanuel Stein, was an economics professor at New York University.[4] Many of his wider family worked as public interest lawyers.[7]

Rowan studied at the University of Pennsylvania. When his father passed away and the family could not afford to pay tuition, the university allowed Rowan to complete his studies and pay whenever he was able.[4] Rowan graduated summa cum laude with a B.S. and an MBA from the Wharton School of the University of Pennsylvania.[8] He was first in his university class, graduating as valedictorian.[7]

Career

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Rowan joined the mergers and acquisitions department of Drexel Burnham Lambert where he worked in New York City and Los Angeles.[9][4] The firm collapsed in 1990.[4] In 1990, Rowan co-founded the asset management firm Apollo Global Management with former Drexel colleagues Leon Black and Josh Harris.[8][10]

In July 2020 Rowan took a "semi-sabbatical" from Apollo, but remained involved in strategy and on boards, until taking over as CEO in March 2021.[11][12][13] He intended to focus in areas including strategy and culture.[14]

Philanthropy

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Rowan is Chair of the Board of UJA-Federation of New York.[15] He is a founding member and Chair of the Youth Renewal Fund[16] and is Vice Chair of Darca Schools.[17]

University of Pennsylvania

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Rowan has had various involvements with the University of Pennsylvania since his graduation. He is Chair of the Board of Advisors of the Wharton School of Business.[18][19] In October 2018, he donated $50 million to the Wharton School, to fund leading academics and with a focus on the Penn Wharton Budget Model.[20][21] In December 2023, Rowan led a campaign among University of Pennsylvania donors to have University of Pennsylvania then-President Liz Magill and the then-Board of Trustees Scott Bok fired over what he saw as the university's insufficient response to antisemitism after the 2023 Hamas-led attack on Israel.[22][23][24][4]

As a result of the 2023 Palestine Writes conference held at University of Pennsylvania, Rowan attempted to organize a boycott of donors and signed a letter urging a response to alleged antisemitism at the festival.[25][26] Rowan advocated for the resignation of Liz Magill, due to reactions from the 2023 United States Congress hearing on antisemitism.[27][28] After the resignation, Rowan penned a letter suggesting various campus reforms. Some professors at the university called the suggested reforms "a hostile Republican takeover," that would negatively affect intellectual freedom on campus.[29]

Politics

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In December 2023, Rowan hosted a fundraiser for Republican politician and House Education Committee Chair Virginia Foxx.[24][30] Together with his spouse, Rowan contributed $1 million to Donald Trump's 2020 presidential campaign.[31]

U.S. Treasury secretary nomination

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In November 2024, following the 2024 U.S. presidential election, Rowan was interviewed for the U.S. Treasury Secretary nomination by President Trump.[32] Shares of Apollo fell on the announcement, according to Barrons, as Rowan owns 6% of outstanding Apollo stock and could be required to divest if nominated and confirmed.[33][34]

Personal life

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Rowan is married to fashion designer Carolyn Pleva who he met on a blind date.[7][35][36][21] They live in New York City and have four children.[22][7][8] Rowan is a restaurateur who owns multiple eateries in The Hamptons.[37][38][39]

References

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  1. ^ U.S. Public Records Index, Vols. 1 & 2 (Provo, UT: Ancestry.com Operations, Inc.), 2010.
  2. ^ "Marc Rowan: Real Time Net Worth". Forbes. November 21, 2024. Retrieved November 21, 2024.
  3. ^ Jewish Enrichment Center: Marc Rowan Guest Speaker May 19, 2009 - minute 57:40| "I go to the non-Israel part of the Middle East around six times a year..it is evident to all that I am Jewish...and my Palestinian friends all know that I am Jewish and a supporter of Israel"
  4. ^ a b c d e f g h Ensign, Rachel Louise (2023-12-23). "The Billionaire Donor Taking On His Alma Mater Over Antisemitism". WSJ.
  5. ^ Miami Herald: "Barbara J. Rowan Obituary June 20, 2014
  6. ^ New York Times: "BARBARA ROWAN Obituary" June 22, 2014
  7. ^ a b c d https://www.economicclub.org/sites/default/files/transcripts/economic_club_marc_rowan.pdf
  8. ^ a b c "Forbes Profile: Marc Rowan". Forbes. Archived from the original on April 23, 2024. Retrieved 2024-04-23.
  9. ^ Jewish Enrichment Center: Marc Rowan Guest Speaker May 19, 2009 - minute 55:30 | "I worked directly for Dennis Levine, who went to jail...and then went to work for Marty Siegel who also went to jail...I then moved out to California to work for Mike Milken who also went to jail.. There are so many ethical dilemmas you are presented with over your career...the choices you make just determine who you are over time...I read these stories...the Morgan Stanley analysts who did this...did they not understand they are destroying their lives."
  10. ^ Oguh, Chibuike. "Apollo's Rowan says accepted CEO role 'for the opportunity'". Reuters. Retrieved 28 June 2023.
  11. ^ "Rowan's Break from Apollo Leaves More Time for His Hamptons Restaurants". Bloomberg. 31 July 2020.
  12. ^ Markham, Isobel (July 30, 2020). "Apollo's AUM crosses $400bn as Rowan takes 'semi-sabbatical'".
  13. ^ McNeeley, Allison (August 1, 2023). "In Marc Rowan Era, Apollo Is Working to Shed Its Ruthless Image". Bloomberg News. Archived from the original on August 3, 2023.
  14. ^ https://www.reuters.com/article/us-apollo-global-ceo-idUSKBN2AO2XF/
  15. ^ "Our Leadership". UJA-Federation of New York. Retrieved 2023-10-26.
  16. ^ "Youth Renewal Fund Board". Youth Renewal Fund. Retrieved 2023-10-26.
  17. ^ "Board of Directors". Darca. Retrieved 2023-10-26.
  18. ^ "Board of Advisors". Wharton Executive Boards. Retrieved 2024-04-02.
  19. ^ Apollo Global Management website: Our Team - Marc Rowan retrieved July 7, 2013
  20. ^ Facundo, Jarod (April 10, 2023). "The Beltway's Favorite Bogus Budget Model". The American Prospect.
  21. ^ a b Gordon, Amanda L (2 October 2018). "Apollo's Marc Rowan Gives Wharton $50 Million for Professorships". Bloomberg. Archived from the original on March 3, 2024. Retrieved 2019-02-01.
  22. ^ a b Ensign, Rachel Louise (November 3, 2023). "The Billionaire Donor Taking On His Alma Mater Over Antisemitism". Wall Street Journal. Archived from the original on January 7, 2024.
  23. ^ Saul, Stephanie (October 26, 2023). "Who Decides Penn's Future:Donors or the University". The New York Times.
  24. ^ a b Bunch, Jesse (2023-12-21). "Penn donors are hosting a fundraiser for the representative who called on Magill to testify". Philadelphia Inquirer.
  25. ^ Tkacik, Maureen (2023-10-21). "The Moral Authority of Marc Rowan". The American Prospect. Retrieved 2024-10-11.
  26. ^ Wang, Dedeepya Guthikonda , Diamy. "Multiple Penn trustees sign letter to Magill demanding stronger response to Palestine Writes uproar". www.thedp.com. Retrieved 2024-10-11.{{cite web}}: CS1 maint: multiple names: authors list (link)
  27. ^ Korn, Melissa; Loftus, Peter (12 December 2023). "Penn Changes Leaders, Now Comes the Hard Part". Wall Street Journal.
  28. ^ Korn, Melissa; Louise Ensign, Rachel; Belkin, Douglas (11 December 2023). "How Rich Alumni Ousted Penn's President Liz Magill". Wall Street Journal.
  29. ^ Wang, Diamy. "'A hostile Republican takeover': Penn faculty warn of academic freedom threats after Marc Rowan letter". www.thedp.com. Retrieved 2024-10-11.
  30. ^ Mitovich, Jared (2023-12-23). "Critical Penn donors to host fundraiser for House Republican who brought Magill before Congress". www.thedp.com.
  31. ^ "Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign". Forbes. Retrieved 27 March 2024.
  32. ^ Chávez, Steff (2024-11-21). "Donald Trump narrows in on Marc Rowan for Treasury secretary". Financial Times. Retrieved 2024-11-22.
  33. ^ Light, Joe (November 20, 2024). "Apollo Global Shares Fall as CEO Marc Rowan Considered for Trump Treasury Job". Barron's. Retrieved November 20, 2024.
  34. ^ Castillo, Michael del (November 21, 2024). "If Trump appoints Apollo CEO Marc Rowan as Treasury Secretary, he'd have direct influence over $24 trillion private equity market". Fortune. Retrieved November 21, 2024.
  35. ^ New York Observer: "A Brutal Buy: Billionaire Marc Rowan Pays $26 M. for Brutalist Masterpiece at 927 Fifth" By Kim Velsey January 2, 2013
  36. ^ New York Times: "Paid Notice: Deaths PLEVA, EUGENE May 17, 2011
  37. ^ Tully, Shawn (October 28, 2023). "Apollo CEO Marc Rowan has a secret side gig: 'It took me a year to realize that I was in the restaurant business'". Fortune. Archived from the original on November 1, 2023.
  38. ^ Maloney, Tom; Perlberg, Heather (July 31, 2020). "Rowan's Break from Apollo Leaves More Time for His Hamptons Restaurants". Bloomberg News. Archived from the original on August 1, 2022.
  39. ^ Vandevelde, Mark; Indap, Sujeet (10 August 2024). "A billionaire bought a lobster shack in the Hamptons. Then the trouble began". The Financial Times.
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