Investment firm Apollo Global Management has announced that co-founder Marc Rowan has taken over from founder Leon Black as chief executive officer.

Apollo’s lead independent director Jay Clayton has replaced Black as chair of the board, while Richard Emerson and Kerry Murphy Healey will join the board as independent board directors.

Emerson currently serves as president of Pendral Capital. He is a former senior managing director of public investment banking advisory firm Evercore Partners and former senior vice president at Microsoft.

Healey is the inaugural president of the Milken Center for Advancing the American Dream in Washington, DC, and served as the 70th lieutenant governor of Massachusetts from 2003 to 2007. She previously worked as a public policy consultant to the US Department of Justice for think tank Abt Associates.

As part of corporate governance enhancements, Apollo previously announced an intended expansion of its board of directors to 15 members, two-thirds of whom are independent.

Black said: “I am extremely pleased that we have filled out the two-thirds independent board with such highly qualified, diverse individuals.

“Marc has seamlessly transitioned into the CEO role and I am confident Apollo will soar to new heights under his leadership.”