Leon Black is stepping down as CEO of Apollo Global Management following an internal investigation into his ties to convicted pedophile Jeffrey Epstein, the company said Monday.
The month-long investigation, conducted by law firm Dechert, found no evidence that Black was involved in any of Epstein’s alleged criminal activities, but found that he paid Epstein $ 158 million in advisory fees – more than before. has been announced.
Black will remain Apollo’s chairman. Marc Rowan – who left the firm he co-founded with Black and Josh Harris last year to manage his personal investments – will return as CEO, Apollo said.
Epstein pleaded guilty in 2008 to the request and procurement of a minor for prostitution. He was remanded for sex trafficking in 2019 after investigating a 2007 non-prosecution agreement he signed with federal authorities in Florida that involved a wider investigation into his dealings with underage girls. He died in prison of an apparent suicide.
“Swart regards Epstein as a confirmed bachelor with eclectic taste, who often employs attractive women. However, Black did not believe that one of the women employed by Epstein was a minor. “Black does not remember ever seeing Epstein with a minor woman,” the Dechert investigation said.
“I am extremely proud of what I and my partners have built at Apollo over the past 30 years,” Black said in a statement. “It’s a decision I’ve been considering for several years.”
The Post exclusively reported in July 2019 that Black’s family charity Epstein had continued as director for four years after Epstein’s guilty plea in 2008, which the foundation said was the result of a writing error. Black later said he maintained ties with Epstein after 2008 and said he was being paid to provide estate planning and tax advice.
Black remains chairman of the Museum of Modern Art, which has so far stuck behind the great art buyer and donor.