Apollo boss Leon Black steps down after review into Epstein ties
Leon Black will step down as chief executive of Apollo Global Management following an independent review into his ties to Jeffrey Epstein.
“Given the extraordinary strength and depth of Apollo’s management team and consistent with best-in-class governance practices, I have advised the Apollo Board that I will retire as CEO on or before my 70th birthday in July and remain as Chairman,” Black said on Monday.
Marc Rowan will take over as chief executive in July, while Black, who founded the private equity firm in 1990, will remain as chairman.
It comes after an independent review by law firm Dechert which found Black had paid $158m for advice on tax and estate planning and related services between 2012 and 2017.
In October the New York Times reported that Black had paid Epstein at least $50m in the years following his 2008 conviction for soliciting sex from a minor.
“I hope that the results of the review, and related enhancements … will reaffirm to you that Apollo is dedicated to the highest levels of transparency and governance,” Black wrote in a note to Apollo fund investors according to Reuters.
The private equity giant announced plans to change its corporate governance structure moving to a one share, one vote structure, scrapping the special voting rights which give Black and other co-founders effective control.
Apollo also announced the promotion of two co-presidents, Scott Kleinman and James Zelter to the board.