Marc Spilker, the president of Apollo Global Management, plans to leave the giant private equity firm, according to an announcement on Thursday.
Mr. Spilker, 49, joined Apollo as president in December 2010, as the firm was preparing to go public….
No explanation was given for his departure, and Mr. Spilker is also leaving his position on Apollo’s executive committee. Apollo says it does not plan to seek a successor….
Mr. Spilker is entitled to a $1 million lump-sum payment, assuming he is leaving of his own accord and “for good reason,” according to his employment agreement. He can also expect the immediate vesting of half of his restricted stock and options that remain locked up.