Rothstein to Penn State Smeal grads: gratitude, agency, giving back matter

UNIVERSITY PARK, Pa. –– Stuart Rothstein, a partner at Apollo Global Management, discussed three major themes during his address to the 2026 Penn State Smeal College of Business commencement ceremony on Saturday, May 9, at the Bryce Jordan Center.

Rothstein’s career in real estate spans more than three decades, including 17 years in various senior leadership positions at Apollo. He serves as chief operating officer of both Apollo’s asset backed finance and real estate businesses.

During his time at Apollo, he has been actively involved in business management and strategy, including creating and launching new products, strategic mergers and acquisitions, and public company and board leadership.

Rothstein joined Apollo in 2009 to help lead the newly created real estate vertical within the company.

Prior to joining Apollo, he served in senior level positions at Four Corners Properties, the Related Companies, KKR Financial, Spieker Properties and Price Waterhouse.

Rothstein graduated from Penn State Smeal with a bachelor’s degree in accounting in 1988. He was a member of the University Scholars Program, the precursor to the Schreyer Honors College. He also holds an MBA from Stanford University.

Smeal conferred degrees to more than 2,000 students in four different spring ceremonies. The college graduated 1,644 undergraduate students, 37 students from the Integrated Master of Accounting Program, one doctoral student, 97 Penn State Online MBA students, 82 online master’s students,151 residential master’s students, and awarded 168 graduate certificates.

In his commencement address, Rothstein explored three major themes: gratitude, agency and giving back.

Rothstein started his talk by telling the graduates that they should be proud of their significant accomplishment but that “success is rarely, if ever, a solo achievement.”

“Moments like today are exactly when you should pause to remember — and thank — the people who helped you get here: family, friends, faculty, mentors and anyone else who quietly believed in you — when you weren’t yet sure,” he said.

“If you do one thing today, do this: find those people and tell them, specifically, what their support meant to you. Going forward, make gratitude a habit. The friends, colleagues and leaders I’ve admired most are the ones who notice effort, share credit, and say ‘thank you’ early and often.”

Rothstein then transitioned to the theme of agency — “the idea that your life and career don’t just simply happen to you. They require intention, and action.”

He talked about lessons from his own career, such as learning over time that the who in his career have matter more than the why or what.

“When I look back over nearly four decades, I’m grateful for the roles I held and proud of what I have accomplished. But I am even more grateful to the people I worked with, and truly proud of the relationships I have built that have lasted long after any specific transaction or accomplishment,” Rothstein said.

“So, invest in relationships. Be the kind of colleague people want to work with again. Seek out mentors — and then, as soon as you can, become one.”

He concluded by talking about what makes Penn State special — the people — and why that inspires him to stay connected and give back.

“Many of you have already received help from the Penn State alumni network in your job search. And, as your careers progress, students and alumni will reach out to you for help. The specific reason is not important,” Rothstein said.

“What will matter is that you find the time to return the phone call or reply to the email. We all have a part to play in the success of Smeal, and I ask that you stay committed to paying it forward.”