The global head of real estate at private-equity firm Apollo Global Management LLC, Joseph Azrack, may retreat from the head role to chairman next year, according to an SEC report.
According to a filing with the U.S. Securities and Exchange Commission made today, Azrack entered into an agreement with Apollo on June 1 under which he may give up his role as managing partner of the firm’s real estate business after Dec. 31.
Azrack, who has taught at Columbia Business School in New York and is a member of its real estate program’s advisory board, has been managing partner of New York-based Apollo’s property business since 2008.
The change would leave a void at the top as the firm accelerates its search for investing opportunities in the industry.
Azrack will receive an annual base pay of $1 million while he remains in his current position and $350,000 if he transitions to the chairman role, Apollo said