In a statement, Black said it was the “ideal moment to step back and focus on my family, my wife Debra and my health issues, and through many other interests.”
Apollo said Marc Rowan, the co-founder of the firm, had taken over the new CEO as expected. Jay Clayton, the former chairman of the Securities and Exchange Commission under President Trump, has been named Apollo’s non-executive chairman.
Black said he intends to remain the largest shareholder in Apollo and its ‘strongest supporter’.
The actions come after Apollo announced in January that an internal investigation into Black’s ties to accused sex trader Epstein had found no offense. In the investigation, which involved more than 60,000 documents and interviewed more than 20 people, Black’s payments to Epstein from 2012 to 2017 totaled $ 158 million.
In a letter to shareholders in October, Black expressed deep regret over his involvement with Epstein.
“With the benefit of reflection – and the knowledge of everything that came to light more than fifteen years ago about Epstein’s despicable behavior – I deeply regret that I had any involvement with him,” Black said in the letter.
Black said his relationship only includes professional services that include ‘estate planning, taxation and philanthropic endeavors’, as well as occasional meetings in Epstein’s townhouse to do business, as Epstein does not have a separate office.
Black has previously pledged $ 200 million for initiatives that help survivors of domestic violence, sexual assault and human trafficking as a way to tackle ‘the serious mistake’ of maintaining a professional relationship with Epstein.