Apollo Global APAC boss steps down from Challenger board

The news: Matthew Michelini has stepped down as Apollo Global Asset Management’s representative on the Challenger Limited board.

The numbers: Michelini, who is Apollo Global’s head of Asia Pacific, joined the Challenger board in 2023 as the NYSE-listed asset manager’s representative. He will step down with immediate effect.

The context: Michelini’s resignation comes after Apollo halved its shareholding in Challenger from 20.1% to 9.9% earlier this month. Apollo was previously Challenger’s largest shareholder and the two businesses also built a strategic financial services partnership.

What they said: “Challenger is one of our most important long-term strategic partners globally and we see meaningful opportunity to continue to support the business as it enters its next phase of growth,” Michelini said in a statement.