In a statement, Black said this was “an ideal time to step back and focus on my family, the health problems of my wife, Debra and many other interests”.
Apollo said Marc Rowan, the company’s co-founder, took over as the new CEO, as expected. Jay Clayton, the former chairman of the Securities and Exchange Commission under President Trump, has been appointed non-executive chairman of Apollo.
Black said he plans to remain Apollo’s largest shareholder and its “biggest supporter”.
The measures came after Apollo announced in January an internal investigation into Black’s ties to the sex trafficking accused Epstein found no wrongdoing. That investigation, which involved more than 60,000 documents and interviewed more than 20 people, found that Black’s payments to Epstein totaled $ 158 million from 2012 to 2017.
In a letter to shareholders in October, Black expressed deep regret for his involvement with Epstein.
“With the benefit of the retrospective – and knowing everything that came to light about Epstein’s despicable conduct over fifteen years ago – I deeply regret having had any involvement with him,” Black said in the letter.
Black said his relationship involved only professional services that included “estate planning, taxes and philanthropic ventures”, as well as occasional meetings at Epstein’s home to conduct business. As he says, Epstein did not have a separate office.
Black had already pledged $ 200 million for initiatives that help survivors of domestic violence, sexual assault and human trafficking as a way to “begin to deal with the serious error” of having maintained a professional relationship with Epstein.