Billionaire financier Leon Black is stepping back from running Apollo Global Management, a private equity firm he founded in the 1990s in the wake of allegations that co-founder Jeffrey Epstein was convicted. Black has stepped in as CEO and will no longer be president of the firm either. Apollo co-founder Mark Rowan will become the new CEO, while former SEC Chairman Jay Clayton has been made Apollo’s non-executive chairman. Black remains Apollo’s largest shareholder. All this has subsided since Apollo’s announcement in January that they were conducting an internal investigation into Epstein’s alleged ties to Black. The investigation interviewed more than 20 people and produced more than 60,000 documents, with no wrongdoing done despite the fact that Black paid Epstein $ 158 million in the years between 2012 and 2017.
Apollo launched an internal investigation after The New York Times published a report about Black’s alleged relationship to Epstein, claiming that they often dined and socialized together. Black wrote a letter to shareholders in which he expressed regret for his relationship with Epstein. In this he said:
“With the benefit of the pundit – and knowing everything that has come to light about Epstein’s scandalous conduct fifteen years ago – I deeply regret any involvement with him.”
As previously mentioned, Leon Black earned a fortune of $ 8 billion as a co-founder of private equity firm Apollo Global Management, which today has more than $ 300 billion in assets under management. Prior to leaving the post, he served as President, CEO and Director of Apollo. He is an avid art collector and president of the New York Museum of Modern Art. He is also a trustee of Mt. Sinai Hospital and The Asia Society.
As far as Black’s alleged relationship with Epstein is concerned, he claims that their relationship included professional services including estate planning, tax issues, and philanthropic giving, even though those meetings occurred occasionally at Epstein’s townhouse where late There was a significant reduction in the alleged sex trafficking of financials. .
In an effort to address, in his words, the “grave error” of having a professional relationship with Epstein, Black pledged $ 200 million to the charity, which would help survivors of sexual assault, human trafficking and domestic violence is.