Leon Black is stepping down as CEO of Apollo Global Management after an internal investigation into his ties to pedophile Jeffrey Epstein, the company said on Monday.
The months-long investigation, conducted by the law firm Dechert, found no evidence that Black was involved in any of Epstein’s alleged criminal activities, but determined that he paid Epstein $ 158 million in consulting fees – more than had previously been released
Black will remain the president of Apollo. Marc Rowan – who last year left the company he founded with Black and Josh Harris to manage his personal investments – will return as CEO, Apollo said.
Epstein pleaded guilty in 2008 to requesting and obtaining a minor for prostitution. He was arrested again in 2019 for sex trafficking after reviewing a 2007 non-prosecution agreement he signed with federal officials in Florida, which involved a broader investigation into his relationships with underage girls. He died in prison of an apparent suicide.
“Black saw Epstein as a staunch bachelor with eclectic tastes, who often employed attractive women. However, Black did not believe that any of the women employed by Epstein were underage. Black does not remember seeing Epstein with a minor woman at any time, ”said Dechert’s investigation.
“I am extremely proud of what my partners and I have built at Apollo over the past 30 years,” Black said in a statement. “This is a decision that I have been considering for several years.”
The Post reported exclusively in July 2019 that Black’s family charity kept Epstein as director for four years after Epstein’s plea of guilt in 2008, which the foundation claimed was the result of an administrative error. Black later said he maintained ties to Epstein after 2008, saying he was paid to provide estate planning and tax advice.
Black remains the president of the Museum of Modern Art, which has so far lagged behind the biggest buyer and donor of art.