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Marc Rowan will remain as chief executive of Apollo Global Management for the next five years, strengthening his leadership of the $700bn investment powerhouse as it aggressively pushes to become a cornerstone of the world’s financial markets.

Rowan, one contender in December who was to become Donald Trump’s Treasury secretary before the president-elect chose Scott Bessent, has signed a five-year contract extension as part of a broader management shake-up that is increasingly clear of Apollo’s leadership in the coming years.

The new contract will put to bed any speculation that Rowan will soon leave Apollo after he surprised Wall Street by seriously considering a role in the Trump administration and even cut short a trip across Asia in mid-December to meet with the president-elect at Mar-a-Lago.

“We are finalizing a five-year extension of Marc’s leadership of the firm,” said Jay Clayton, the Apollo chair nominated by Trump to lead the federal prosecutor’s office for the Southern District of New York.

Wall Street is currently mired in many complex and fraught careers. This week, JPMorgan and BlackRock have seen top executives depart, further worsening the succession battles for chief executives Jamie Dimon and Larry Fink, respectively.

Apollo has demonstrated leadership in its main business lines of credit investments, insurance and buyouts in recent years.

Rowan has been chief executive ever since next founder Leon Black in 2021. Apollo on Wednesday promoted two top executives, bolstering Rowan’s key lieutenants as it begins a growth drive aimed at doubling its assets by 2029.

Jim Zelter has been elevated to the newly created role of president and will work closely with Rowan, who oversees Apollo’s asset management operations and its fast-growing insurer, Athene.

John Zito, head of credit at Apollo, will be promoted to co-president of asset management operations, if the role is vacated by Zelter. Zito will work with current co-president Scott Kleinman and continue to act as head of credit, which accounts for more than 80 percent of Apollo’s $733bn in assets under management.

If Rowan is chosen as Treasury secretary, Zelter and Kleinman will be named co-chiefs of Apollo, according to people briefed on the matter. Zito’s elevation further fueled his rapid rise within the New York-based investment group.

“We’re rich with talent at Apollo,” Rowan said. “These senior leadership appointments reflect that and will support our continued evolution as a next-generation financial services company.”