Apollo CEO Taps Cash on $431 Million Stake, May End Up Selling

Apollo Global Management Inc. Chief Executive Officer Marc Rowan is putting up $431 million of the company’s stock, and could end up selling it, as he looks to access some of his wealth tied to the firm.

Entities affiliated with Rowan entered into a so-called prepaid variable forward contract for 2.5 million shares, or about 7% of his holding in the company, according to a regulatory filing on Monday. The slug of stock represents less than 0.5% of Apollo’s total outstanding.

The contracts — essentially putting a future sale in motion — can help participants access cash while putting off ...