Apollo says Ferguson won’t join firm due to his TIAA commitments

Roger W. Ferguson, Jr., President & CEO TIAA-CREF, attends the Economic Club of New York Leadership Excellence Award in New York April 21, 2015. REUTERS/Eduardo Munoz

Nov 15 (Infoday) – A month after announcing the appointment of former TIAA CEO Roger Ferguson as its vice chairman, Apollo Global Management (APO.N) said on Monday that commitments to his prior employer prevented him joining the firm.

Apollo had announced Ferguson’s appointment in October, less than six months after he left his position at asset manager Teachers Insurance and Annuity Association of America (TIAA) in May.

But Apollo said Ferguson would not be taking up the new job. “Roger recently informed us that he has certain ongoing commitments with his prior employer and they are preventing him from working with us at this time. We think very highly of Roger and wish him all the best,” an Apollo spokesperson said in a statement.

Ferguson did not immediately respond to requests for comment.

The reversal of Ferguson’s appointment comes as Apollo has been making high-profile hires to shore up its corporate governance since the departure of co-founder and former chief executive Leon Black in the wake of an investigation of his ties to late financier and convicted sex-offender Jeffrey Epstein. Apollo named Jay Clayton, a former chairman of the Securities and Exchange Commission, as its chairman in March.

Ferguson, 70, served as Federal Reserve vice chairman between 1999 and 2006 prior to joining TIAA. He sits on the boards of several corporate and non-profit organizations.

Reporting by Chibuike Oguh in New York; Editing by Cynthia Osterman

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