Billionaire Leon Black, co-founder of one of Wall Street’s most prominent investment firms, unexpectedly stepped down as chief executive of Apollo Global Management on Monday, the latest in a series of moves after an investigation into his ties to the bastard financier Jeffrey Epstein.
Apollo Global Management has announced that Black will leave immediately, citing health problems he and his wife are facing. The company had announced in January that Black would step down as chief executive before July 31.
Black will also no longer retain his role as chairman of the board, a role he planned to retain when his departure was first announced in January. Marc Rowan, co-founder of the company, is the new chief executive of Apollo, while Jay Clayton, former chairman of the Securities and Exchange Commission, will be the chairman of the company.
An independent review commissioned by Apollo for Black’s payments to Epstein revealed that he paid the late financier and convicted sex offender a total of $ 148 million for his financial advisory services and donated $ 10 million to Epstein’s charity. between 2012 and 2017, years after Epstein pleaded guilty to a state prostitution charge in Florida in 2008. Black broke ties with Epstein in 2018 after a financial dispute.
Although the report concluded that there was no evidence that Black was involved in Epstein’s criminal activities, which largely involved the sex trafficking of underage girls, Black’s ties to Epstein alarmed Apollo investors. In a statement after the report was released, Black said he “deeply regrets[s] having had any involvement ”with Epstein.
Epstein killed himself in prison in 2019 and those who were close to him are still facing serious problems because of their ties. Leslie Wexner, who previously considered Epstein to be his personal financial advisor, stepped down as chief executive of L Brands, the parent company of Victoria’s Secret, after examining his relationship with Epstein. Last week, Wexner announced that he will leave the board of L Brands.
In a statement on Monday, Black said that now is “the ideal time to step back and focus on my family, my wife Debra and my health problems, and my many other interests.” He also said that he intends to remain the largest shareholder in the company.