Friday, 29 July 2016
Last updated 18 hours ago
May 16 2014 | 10:57am ET
The exodus of junior partners from Apollo Global Management has continued with the resignation of Scott Ross.
Ross is the fourth Apollo partner to quit this year. And, at 33, he joins the 44% of partners under the age of 50 to leave or plan to leave the New York-based private-equity giant, the New York Post reports.
Like some of the earlier exits, Ross is said to be unhappy with Apollo's new compensation structure, which replaces some of partners' share of profit with Apollo stock, which does not fully vest until three years after the firm exited the investment that earned the profit.
Ross has been with Apollo since 2004, when he joined from Goldman Sachs. He led the firm's buyout of Chuck E. Cheese parent CEC Entertainment and played a key role in its 2012 deal for water-park company Great Wolf Resort.
Ross' departure follows that of Stan Parker, Ali Rashid and Jordan Zaken earlier this year. In addition, firm president Mark Spilker stepped down in March. And his resignation coincides with Apollo's annual investor meeting.
The partner exits are not the only changes afoot at Apollo: The Post reports that non-performing loans chief David Abrams is being moved into a new post.