Apollo CEO Marc Rowan Accused of Misusing Company for Political Agenda

Rowan's Alleged Misuse of Apollo Resources Sparks Demand for Investigation

WASHINGTON—Randi Weingarten, President of the American Federation of Teachers (AFT), along with Todd Wolfson, President of the American Association of University Professors (AAUP), have reached out to Jessica Bibliowicz, Apollo Global Management board member and chair of the audit committee. They have requested a probe into CEO Marc Rowan’s alleged use of Apollo staff and resources for a personal political campaign that targets American colleges and universities, which may contravene company policy. The complete letter can be found here.

The AFT, leveraging Freedom of Information Act requests and other sources, has acquired documents suggesting that Rowan engaged his executive assistant, chief of staff, and his Apollo email account in executing his political campaign. This initiative, known as the Compact for Academic Excellence in Higher Education, ties federal research funding to a loyalty pledge to the Trump administration.

In their letter, Weingarten and Wolfson state, “It is, of course, Rowan’s right as an American to hold whatever views he pleases. What is not permitted under Apollo’s Code of Business Conduct is the use of Apollo’s staff and resources to conduct Rowan’s campaign.” Apollo’s Code of Business Conduct and Ethics insists that personal and civic activities be clearly distinguished as the individual’s own views, not the firm's.

AFT and AAUP members, totaling 1.8 million, have substantial financial stakes in Apollo, with at least $29 billion in retirement funds and public equity allocations invested in the company. Additionally, 700 AFT members are employed at Lifepoint Health, an Apollo subsidiary, and many universities with AFT members have their endowment assets invested with Apollo.

The concerns expressed in the letter revolve around the compact's impact on 420,000 AFT and AAUP higher education members and their students. The compact threatens to shift the focus of higher education by restricting academic freedom and freedom of speech, thereby rewarding compliant campuses while penalizing independent ones. It also risks harming LGBTQIA+ students and staff at adopting institutions, conflicting with Apollo's recognition as a top workplace for LGBTQ Equality by the Human Rights Campaign Foundation in 2021, as noted in an award. Furthermore, it prohibits considering race in admissions, contrary to Apollo's public commitment to diversity and racial equity initiatives.

The emergence of these issues occurs amid declining Apollo shares and controversies involving Rowan. In February, the AFT and AAUP called for an SEC investigation into alleged misrepresentations in Apollo’s regulatory filings concerning interactions with Jeffrey Epstein. Records show numerous meetings between Epstein, Rowan, and Apollo co-founder Leon Black discussing private tax matters. The firm is also embroiled in the private credit industry's ongoing crisis.

The AAUP has initiated an online petition urging California pensions to stop investing in Apollo, gaining traction with hundreds of letters in a short span.

Questioning Apollo's Direction

The letter concludes by questioning Apollo's stance: “Has the Apollo board of directors formally endorsed Rowan’s campaign and given him express permission, despite the apparent conflict with the firm’s own personnel policies, to use Apollo’s firm resources to advocate against the interests of educators and public employees?”

AFT's Representation

The AFT represents a diverse group, including pre-K through 12th-grade teachers, paraprofessionals, higher education faculty, government employees, nurses, and early childhood educators.

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