Tuesday, May 11, 2021

Leon Black resigns as Apollo CEO

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Leon Black will retire as Managing Director of Apollo Global Management, the private equity group he founded in 1990 and integrated into a $ 433 billion financial powerhouse that has grown into a major corporate lender. American.

The announcement came as Apollo revealed the conclusion of a review by law firm Dechert into Mr Black’s relationship with the late pedophile Jeffrey Epstein.

Dechert found that payments of millions of dollars Mr Black admitted doing to Epstein for “good faith taxes, estate planning and other related services”, and that the amounts paid “were intended to be in proportion to the value provided” by Epstein.

Mr. Black said the findings “confirm the key facts I previously disclosed regarding my relationship with Jeffrey Epstein, including the fact that I was completely unaware of Mr. Epstein’s heinous misconduct that was revealed at the end of 2018 “.

The change in leadership was part of a transition to “best-in-class governance practices,” Apollo said. Mr. Black will remain chairman.

He will be replaced as managing director by his co-founder Marc Rowan, who seized the financial crisis as an opportunity to diversify into insurance, helping to create a $ 300 billion credit platform that has been the main engine of growth for the company over the past decade.

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