Apollo Global Management Inc. CEO Leon Black will step down after an independent investigation declared that he paid over $150 million to now-deceased sex offender Jeffrey Epstein.
Reuters reports:
While Black, whose net worth is pegged by Forbes at $8.2 billion, will remain Apollo’s chairman, his decision to step down illustrates how doing business with Epstein weighed on the reputation of one of Wall Street’s most prominent investment firms. Black co-founded Apollo 31 years ago. […]
The independent review, conducted by law firm Dechert LLP, found Black was not involved in any way with Epstein’s criminal activities. Black paid Epstein $158 million for advice on tax and estate planning and related services between 2012 and 2017, according to the review.
In a letter Apollo investors, Black said he “deeply” regretted his previous relationship with Epstein.
“I hope that the results of the review, and related enhancements… will reaffirm to you that Apollo is dedicated to the highest levels of transparency and governance,” he wrote.
Epstein was found dead in his New York City jail cell in August 2019. He faced charges for allegedly sexually abusing underage girls between 2002 and 2005. Epstein’s cause of death was suicide by hanging, ruled New York City’s chief medical examiner.
Black is expected to resign as CEO by July 31 and will be replaced by co-founder Marc Rowan.
Black will donate $200 million to organizations that “seek to achieve gender equality and protect and empower women.”
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