Apollo Global Management co-founder Leon Black has left the firm completely in the wake of an investigation into his business dealing with paedophile Jeffrey Epstein.
Black told Apollo two months ago that he would retire as CEO on or before his 70th birthday in July, but had planned to stay on as chairman at the $455bn investment manager he co-founded more than 30 years ago.
Fellow co-founder Marc Rowan now takes over the CEO role ahead of schedule, with former SEC chair Jay Clayton set to take on the chairman role.
Apollo has also appointed Richard Emerson and Kerry Murphy Healey as independent board directors, a statement from the firm detailing the moves said.
Black said, “In the last few months, not only did we announce a transformative merger with Athene, but also expect to report that our first quarter earnings will exceed analyst consensus in all relevant measures and that the first quarter fundraising is trending towards the high end of our $15bn to $20bn annual range.
“I thus view this as the ideal moment to step back and focus on my family, my wife Debra’s and my health issues, and my many other interests.”
He continued, “Marc has seamlessly transitioned into the CEO role and I am confident Apollo will soar to new heights under his leadership. He will be in great company alongside seasoned leaders Jim Zelter and Scott Kleinman.
“Over the past 30-plus years, my co-founders, Marc, Josh Harris and I, have worked extremely hard to make Apollo a franchise built for enduring success. I believe strongly that Apollo’s best days lie ahead. I intend to remain Apollo’s largest shareholder, and strongest supporter.”
Rowan added, “Leon has been a terrific partner and leader for over three decades and I am honored to take the reins.
“At Apollo, we have created a differentiated model and built the best team in the business to lead within an evolving, high-growth asset management industry. I am excited by the opportunities ahead and by our strategy to continue to deliver for our clients and investors.”
Black wrote to Apollo investors last October to express his regret over his ties to Epstein, following reports he wired up to $75m to the convicted sex offender.
An investigation by Law firm Dechert on behalf of Apollo later found he paid more than double that total to Epstein between 2012 and 2017, for advice on areas including estate planning, tax and asset such as his private plane and yacht.
Black said at the time of the Dechert report that the findings “confirm the key facts I have previously disclosed concerning my relationship with Jeffrey Epstein, including that I was completely unaware of Mr Epstein’s abhorrent misconduct that came to light in late 2018”.
He added at that time, “It is important for me to stress again how deeply I regret having had any involvement with Mr Epstein and I thank the committee and its counsel for their tireless work over the last few months.”
Epstein was arrested in the summer of 2019 accused of running a huge sex trafficking network of underage girls, but died in jail the same year in an apparent suicide.
He had previously spent 13 months in jail after being convicted in 2008 of procuring a 14-year-old girl for prostitution.
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