Impact of Josh Harris leaving Apollo
Thoughts on the news? From my understanding a lot of the culture issues stemmed from Josh to a certain degree. With him gone now, will David Sambur & co bring it down a notch or?
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If you read the Caesar Palace Coup, David Sambur is definitely not the guy who would be fun to work for.
Apollo buy companies for cheap valuations with high leverage, or they buy the distressed debt, hoping to own the company. Both of those transactions are very hard to execute and are even harder under tight timelines. It's also become more competitive with other funds copying them. Imo, that is why the culture is so bad. Deals for good companies are stressful, can't imagine how stressful buying undervalued or distressed companies is and then owning them afterwards. Further, let's just imagine what it's like negotiating with other management team, lawyers, and lenders for these undervalued and distressed companies. Not necessarily best dynamics to do a deal.
To me that's why Apollo is so bad, bc everything about the deals they do is more stressful. But that's also why their returns are so phenomenal.
TL;DR: Apollo's culture won't improve with Josh Harris leaving
Josh leaving was writing on the wall after Marc got the head role when Leon left. There were some not so great feelings when that happened.
One person leaving does not change the culture at a company with that many employees. Maybe over 30 years but not any time soon.
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