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Marc Rowan

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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.[1] He co-founded Apollo Global Management in 1990 with Josh Harris and Leon Black and took over as CEO in 2021. As of April 2024, Forbes estimated his wealth at $6.5 billion.[2]

Early life and education

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Rowan was born in 1962.[3] He is Jewish.[3] He was raised on Long Island, New York.[4] He moved with his family to Hollywood, Florida where he attended high school.[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.[2] He was first in his university class.[7]

Career

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Rowan joined the mergers and acquisitions department of Drexel Burnham Lambert[4] where he worked in New York City and Los Angeles.[8] 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.[2][9]

In July 2020 Rowan took a "semi-sabbatical" from Apollo, but remained involved in strategy and on boards.[10][11]

Rowan took over as CEO in March 2021 after Black stepped down from the position.[12] He intended to focus in areas including strategy and culture.[13]

Other endeavors

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Rowan is Chair of the Board of UJA-Federation of New York.[14] He is a founding member and Chair of the Youth Renewal Fund[15] and is Vice Chair of Darca schools.[16]

Rowan has various involvements with the University of Pennsylvania. He is Chair of the Board of Advisors of the Wharton School of Business.[17][18] 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.[19][20] 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.[21][22][23][4] That same month, Rowan hosted a fundraiser for right-wing politician Virginia Foxx.[23][24]

Together with his spouse, Rowan contributed $1 million to Donald Trump's 2020 presidential campaign.[25]

Rowan is a restaurateur who owns multiple eateries in The Hamptons.[26][27][28]

University of Pennsylvania

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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.[29][30] Rowan advocated for the resignation of Liz Magill, due to reactions from the 2023 United States Congress hearing on antisemitism.[31][32] 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.[33]

Personal life

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Rowan is married to fashion designer Carolyn Pleva[34][35][20] who he met on a blind date.[7] They live in New York City.[2] The couple has four children.[21][7]

Rowan starts the day with exercises,[7] and likes to mountain bike.[36][37][38]

Rowan regards his key characteristics as being a puzzle-solver and a communicator.[39]

References

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  1. ^ U.S. Public Records Index, Vols. 1 & 2 (Provo, UT: Ancestry.com Operations, Inc.), 2010.
  2. ^ a b c d "Forbes Profile: Marc Rowan". Forbes. Archived from the original on April 23, 2024. Retrieved 2024-04-23.
  3. ^ a b 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 e https://www.economicclub.org/sites/default/files/transcripts/economic_club_marc_rowan.pdf
  8. ^ 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."
  9. ^ Oguh, Chibuike. "Apollo's Rowan says accepted CEO role 'for the opportunity'". Reuters. Retrieved 28 June 2023.
  10. ^ https://www.bloomberg.com/news/articles/2020-07-31/rowan-s-apollo-break-leaves-time-for-his-hamptons-side-hustle?utm_source=twitter&utm_content=business&utm_medium=social&utm_campaign=socialflow-organic&cmpid=socialflow-twitter-business
  11. ^ Markham, Isobel (July 30, 2020). "Apollo's AUM crosses $400bn as Rowan takes 'semi-sabbatical'".
  12. ^ 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.
  13. ^ https://www.reuters.com/article/us-apollo-global-ceo-idUSKBN2AO2XF/
  14. ^ "Our Leadership". UJA-Federation of New York. Retrieved 2023-10-26.
  15. ^ "Youth Renewal Fund Board". Youth Renewal Fund. Retrieved 2023-10-26.
  16. ^ "Board of Directors". Darca. Retrieved 2023-10-26.
  17. ^ "Board of Advisors". Wharton Executive Boards. Retrieved 2024-04-02.
  18. ^ Apollo Global Management website: Our Team - Marc Rowan retrieved July 7, 2013
  19. ^ Facundo, Jarod (April 10, 2023). "The Beltway's Favorite Bogus Budget Model". The American Prospect.
  20. ^ 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.
  21. ^ 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.
  22. ^ Saul, Stephanie (October 26, 2023). "Who Decides Penn's Future:Donors or the University". The New York Times.
  23. ^ a b Bunch, Jesse (2023-12-21). "Penn donors are hosting a fundraiser for the representative who called on Magill to testify". Philadelphia Inquirer.
  24. ^ Mitovich, Jared (2023-12-23). "Critical Penn donors to host fundraiser for House Republican who brought Magill before Congress". www.thedp.com.
  25. ^ "Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign". Forbes. Retrieved 27 March 2024.
  26. ^ 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.
  27. ^ 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.
  28. ^ "Subscribe to read". www.ft.com. {{cite web}}: Cite uses generic title (help)
  29. ^ Tkacik, Maureen (2023-10-21). "The Moral Authority of Marc Rowan". The American Prospect. Retrieved 2024-10-11.
  30. ^ 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)
  31. ^ Korn, Melissa; Loftus, Peter (12 December 2023). "Penn Changes Leaders, Now Comes the Hard Part". Wall Street Journal.
  32. ^ Korn, Melissa; Louise Ensign, Rachel; Belkin, Douglas (11 December 2023). "How Rich Alumni Ousted Penn's President Liz Magill". Wall Street Journal.
  33. ^ Wang, Diamy. "'A hostile Republican takeover': Penn faculty warn of academic freedom threats after Marc Rowan letter". www.thedp.com. Retrieved 2024-10-11.
  34. ^ New York Observer: "A Brutal Buy: Billionaire Marc Rowan Pays $26 M. for Brutalist Masterpiece at 927 Fifth" By Kim Velsey January 2, 2013
  35. ^ New York Times: "Paid Notice: Deaths PLEVA, EUGENE May 17, 2011
  36. ^ https://www.bloomberg.com/professional/insights/markets/apollos-rowan-warns-rivals-to-ignore-blockchain-at-their-peril/
  37. ^ "Marc Rowan's Vision For Duryea's, And Beyond – Dan's Papers". www.danspapers.com. April 2, 2019.
  38. ^ Geiger, Casey Sullivan, Daniel. "Marc Rowan steered Apollo through a rough transition after Leon Black stepped down. Insiders lay out the new challenges he's facing". Business Insider.{{cite web}}: CS1 maint: multiple names: authors list (link)
  39. ^ "Marc Rowan Wharton Graduation Keynote Conversation | One Wharton Ceremony". May 28, 2021 – via YouTube.
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