This content is from:yabet官网
Leon Black Is Stepping Down as CEO of Apollo
Apollo announced leadership changes the same day it released results of the independent review of Black’s professional relationship with Jeffrey Epstein.
Leon Black is leaving his role as chief executive officer of Apollo Global Management, having informed the private equity giant’s board that he will retire by the end of July.
Apollo co-founder Marc Rowan will replace Black as CEO, according to astatement Monday从另类资产管理器。黑色,合作founded Apollo in 1990, will keep his role as chairman.
“I will retire as CEO on or before my 70th birthday in July,” Black said in the announcement. He described Apollo as “my life’s work,” saying he looks forward to supporting the firm in any way he can as chairman, including through strategic planning, growth initiatives, and investment opportunities.
Apolloseparately announcedMonday that an independent review of Black’s previous professional dealings with registered sex offender Jeffrey Epstein concluded that “Apollo never retained Epstein for any services and Epstein never invested in any Apollo-managed funds.” While the independent review by Dechert found that Epstein had regularly advised Black on trust and estate planning, tax issues, philanthropic endeavors, and his family office operations, the law firm found no evidence that Black was involved in any way with Epstein’s criminal activities, according to Apollo.
Black paid Epstein a total $158 million for work performed over the period 2012 through 2017, according aregulatory filingmade by Apollo Monday. “Black also made a $10 million donation to Gratitude America in October 2015, which was a charitable organization affiliated with Epstein,” the filing on the Dechert review says.
In July 2019, the U.S. Attorney’s Office for the Southern District of New York obtained a federal grand jury indictment charging Epstein with sex trafficking of minors, according to aDepartment of Justice documentdated November 2020. Epstein was arrested on the charges and found hanging in his jail cell in August 2019. The New York City chief medical examiner concluded that Epstein had committed suicide, the DOJ document says.
[IIDeep Dive:When Buyout Firms Step in, Watch Out]
In the announcement on Apollo’s leadership changes, Black cited the strength and depth of Apollo’s management team and “best-in-class governance practices.” With Rowan returning to Apollo full time, Black said it was the appropriate time to begin a transition.