(Bloomberg) -- Apollo Global Management Inc. named Dave Stangis as its first chief sustainability officer, a new position for the $472 billion alternative-asset manager.
Stangis, 56, will oversee an expansion of Apollo's environmental, social and governance program and work to incorporate ESG initiatives across its businesses, the company said Monday. He'll join the management committee and report to co-Presidents Scott Kleinman and Jim Zelter.
“We need our investors to understand how we are moving faster on issues of the environment, including diving deeper into climate, carbon, transitions, water, waste and energy,” Stangis said in an interview.
Stangis, who has focused on ESG issues for more than two decades, held similar roles at Campbell Soup Co. and Intel Corp. In 2019, he founded advisory firm 21C Impact to cater to companies across various industries.
Sustainability chiefs are among the most sought-after executives in corporate America amid rising concerns about climate change and social justice. BlackRock Inc. Vice Chairman Philipp Hildebrand said last week that global markets are about to witness a seismic shift of capital into products that promise to support ESG goals.
Read more: BlackRock's Hildebrand Predicts ‘Vast Reallocation' Into ESG
Apollo has expanded its ESG team in the past year and developed a proprietary rating system for its credit platform. The New York-based firm also aims to raise as much as $1.5 billion for its first impact fund, Bloomberg reported in July.
“Sustainability is simply better business and a critical component of our long-term growth strategy,” Apollo Chief Executive Officer Marc Rowan said Monday in a statement announcing Stangis's appointment.
See also: Apollo Investors Look Past Black-Epstein Tie to Back Impact Fund
Stangis, who left Campbell Soup in 2019, led the company's ESG, corporate citizenship and sustainability and public affairs strategies. Prior to that, he worked at Intel serving as the company's first global director of corporate responsibility.
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