Leon Black plans to retire as CEO of Apollo Global Management Inc. after an independent investigation revealed larger-than-expected payments to the infamous Jeffrey Epstein, which it considers fair.
The month-long review by Dechert LLP found no evidence that Mr. Black was involved in the criminal activities of the late Epstein, who was indicted in 2019 on charges of federal sex trafficking with underage girls, according to a copy of the law firm’s report viewed by The Wall Street Journal.
In his report, Dechert found that the fees paid by billionaire Epstein were legal advice regarding the planning of trust and estate taxes paid to Mr. Black and his family were of great value. Mr. Black paid Epstein a total of $ 148 million, plus a $ 10 million donation to his charity – much more than was previously known.
Mr. Black wrote in a letter to Apollo’s fund investors that he would cede the role of CEO to co-founder Marc Rowan, on or before his 70th birthday on July 31, while retaining the role of chairman. In the letter, a copy of which was viewed by the Journal, Mr. Black outlined other management changes he recommended to the board, including the appointment of more independent directors and the elimination of Apollo’s dual-class share structure.
Mr. Black also promised to donate $ 200 million of his family’s money to women’s initiatives.