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Athene Holding Ltd. (NYSE:ATHPrA, NYSE:ATHPrB, NYSE:ATHPrD, NYSE:ATHPrE, NYSE:ATHS) announced Monday that Grant Kvalheim has been appointed to its Board of Directors, effective immediately. Kvalheim, who is the Chief Executive Officer of Athene and a Partner at Apollo Global Management, Inc., will also serve as a member of the board’s Executive Committee.
According to the company’s press release statement, Kvalheim will not receive compensation for his service as a director, in line with the company’s policy for employees of Apollo or its subsidiaries who serve on the board. The filing states that there are no arrangements or understandings with any person in connection with Kvalheim’s selection as a director.
The company also reported that Marc Rowan has resigned from the board, effective upon Kvalheim’s appointment. Rowan is the Chief Executive Officer and Chairman of Apollo Global Management. The company said Rowan’s resignation was not the result of any disagreement with Athene regarding its operations, policies, or practices. Rowan’s overall responsibilities overseeing Apollo and its subsidiaries, including Athene, remain unchanged.
The filing notes that affiliates of Apollo, where Kvalheim is a partner, manage investment funds and direct investments that have engaged in transactions with Athene. Certain board members may receive carried interest from Apollo’s fund investments in which Athene is invested, or may invest in the same funds. These relationships are described in the company’s most recent annual report filed with the U.S. Securities and Exchange Commission.
This information is based on a press release statement included in Athene’s Form 8-K filing with the SEC.
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