Billionaire Leon Black, co-founder of one of Wall Street’s most prominent investment firms, unexpectedly stepped down from his position as CEO of Apollo Global Management on Monday, the latest in a series of moves following an investigation into his ties to the dishonored financier Jeffrey Epstein.
Apollo Global Management has announced that Black will be leaving immediately, citing health issues he and his wife are experiencing. The company announced in January that Black would retire before July 31.
Black will also no longer retain his role as chairman, a role he intended to retain when his departure was first announced in January. Marc Rowan, a co-founder of the company, is Apollo’s new CEO, while Jay Clayton, former chairman of the Securities and Exchange Commission, will chair the company.
An independent review commissioned by Apollo on the payments Black made to Epstein revealed that he paid the late financier and convicted sex offender a total of $ 148 million for his financial advisory services and between 2012 and 2017 $ 10 million to Donated to Epstein’s charity, years after Epstein pleaded guilty. convicted of a state prostitution charge in Florida in 2008. Black severed ties with Epstein in 2018 following a financial dispute.
While the report concludes that there is no evidence that Black was involved in Epstein’s criminal activities, which mainly involved sex trafficking with underage girls, Black’s once close ties with Epstein upset Apollo’s investors. In a statement released after the report, Black said he was “deeply sorry”[s] had any involvement ”with Epstein.
Epstein killed himself in prison in 2019 and those close to him are still experiencing deep setbacks due to their tires. Leslie Wexner, who once considered Epstein as his personal money adviser, has stepped down as CEO of L Brands, parent company of Victoria’s Secret, following his investigation into his relationship with Epstein. Last week, Wexner announced he would leave the L Brands board.
Black said in a statement on Monday that it was “the ideal moment to go back and focus on my family, my wife Debra and my health issues and my many other interests”. He also said he plans to remain the company’s largest shareholder.