Former Sen. Pat Toomey (R-PA) is moving from the halls of Congress to the skyscrapers of midtown Manhattan.
Apollo Global Management announced on Wednesday that the former senator will be joining its board of directors, ending speculation about where Toomey would land following his retirement earlier this year. The addition is a big get for Apollo because Toomey served in Congress for nearly two decades and was the ranking member of the powerful Senate Banking Committee. He is set to begin on March 15.
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Toomey had been one of the foremost voices on banking and finance in the upper chamber prior to his departure following the 2022 midterm cycle, which resulted in his seat flipping blue to Sen. John Fetterman (D-PA).
“I am pleased to welcome Pat Toomey to the Apollo Board and am confident that he will be a tremendous asset to our firm," Apollo CEO and co-founder Marc Rowan said. "Pat has a reputation for independent thinking and leadership experience in policy areas relevant to Apollo’s business."
Toomey said he is excited to begin work at the New York City-based Apollo, which was founded in 1990 and has grown to now have about $550 billion in assets under management.
“After 18 years in the public sector, I am excited to bring my differentiated perspectives to the Board of Apollo, a firm that plays an important role in generating retirement income for millions of savers and providing capital for business growth," Toomey said in a statement.
A stalwart fiscal conservative, Toomey served on the Senate Banking, Housing and Urban Affairs, Budget, and Finance committees during his Senate tenure, which spanned from 2011 to 2023. He was most recently the ranking member of the Senate Banking Committee. The 61-year-old previously served as a representative from the Keystone State from 1999 to 2005.
Between his stints in Congress, Toomey led the prominent conservative advocacy group Club for Growth. Toomey, who graduated from Harvard University, first began his career in financial services at Chemical Bank and later Morgan, Grenfell & Co.
Like many other private equity firms, Apollo was battered last year by red-hot inflation and concluded 2022 with its shares down 12%. In the time since, the company has begun to recover from that slump and touted strong earnings from its retirement operations. The firm's stock is up more than 13% since the start of the year.
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Politicians have frequently departed Congress to land lucrative private sector gigs. Rep. David Cicilline (D-RI) announced Tuesday that he will step down from Congress to helm the Rhode Island Foundation at a reported $650,000 annual salary.
Taking over for Toomey following his retirement from the Senate is Fetterman, who won last year’s contentious election in Pennsylvania against Republican Mehmet Oz. Sen. Tim Scott (R-SC) became the Banking Committee’s ranking member following Toomey’s departure.