Leon Black has quit his leadership positions at Apollo Global Management, ceding power after the investment firm he co-founded 30 years ago became overshadowed by an outcry over his ties to the late paedophile Jeffrey Epstein.
Former Securities and Exchange Commission chairman Jay Clayton will become non-executive chairman, a role that Apollo had previously indicated that Black intended to keep.
Apollo’s billionaire co-founder Marc Rowan is taking over as chief executive, as previously announced.
“Time is precious,” Black wrote in a memo to Apollo staff on Sunday.
“My wife, Debra, lost a close family member to the pandemic and faces considerable health challenges,” he added. “I intend to address my own health issues and take some personal time to pursue my many interests away from Apollo—including the arts, culture, medical research and philanthropy.”
Black, who co-founded Apollo in 1990, paid $158m to Epstein over a five-year period ending in 2017, according to a report by the law firm Dechert that was released by Apollo in January.
The report found no evidence that Black knew of Epstein’s criminal activities or was involved in them.
More to follow.