Barclays finance executive Mark Kelly has left the tainted UK bank to act as Apollo Global Management’s chief financial officer.
He succeeds Gene Donnelly – hired in July 2010 to help manage the firm’s fresh listing on the New York Stock Exchange – who stepped down “to pursue other interests”, according to a statement.
Kelly’s transition comes soon after Barclays reached a settlement with US and British authorities over a LIBOR interest rate rigging scandal. In late June the bank said it had paid $450 million in fines and civil penalties following a multiyear investigation of in-house traders who tried to influence the bank’s interbank lending rate to benefit their own desks’ trading position.
Kelly, who will start no later than October, was most recently chief financial officer of the Americas, and then later global head of financial control for Barclay’s corporate and investment banking division. From 2000 to 2007, Kelly worked on accounting and regulatory advice related to the corporate and institutional clients of Lehman Brothers – which Barclays later partially took over in 2008.
Apollo declined to comment about when negotiations with Kelly started for the CFO role, but a Reuters report said Kelly had signed a letter of agreement with Apollo on 2 July.