Friday, May 14, 2021

Under the hood of Leon Black’s decision to quit

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It was the big closest Monday: After coming under close scrutiny for his business dealings with accused sex trafficker Jeffrey Epstein, Apollo Global Management’s Leon Black will step down as CEO in July.

An investigation opened by the Apollo Conflict Committee found that the CEO paid some $ 158 million to the now deceased Epstein for financial advice and his philanthropies between 2012 and 2017, the company said. late monday. Black believed Epstein’s advice to be “creative” and “disruptive,” creating more than $ 1 billion to $ 2 billion worth for himself, according to the report.

The payout number comes as a shock: The $ 158 million is way more than anyone thought. In October, the New York Times reported that payments were at least $ 50 million over the same period, after Epstein was previously convicted of soliciting prostitution with a minor in 2008.

Most notably, however, Black will remain president of the company. Apollo separately said the investigation found no evidence of Black’s wrongdoing or by the company itself. Law firm Dechart, which led the investigation, also added: “Black said he was repelled by the details of Epstein’s crimes released in late 2018 and regretted ever working with Epstein. . Other witnesses agreed that Black was shocked when the allegations became public. Apollo himself has long maintained that he never retained Epstein’s services.

“It is important for me to reiterate how much I regret having had any involvement with Mr. Epstein and I thank the Committee and their guidance for their tireless work over the past few months,” Black said in a commentary. communicated.

While Marc Rowan, one of Black’s lieutenants, is set to replace him as CEO, it’s not such a sharp change in the guards. Rowan and Black teamed up against whom they saw as the wrong choice for GM – Joshua Harris – in a move that would help Black maintain some control, Bloomberg reported.

Rowan, although silent in the media, is known to have made some very profitable bets, including one on insurer Athene. But there’s no doubt that investors will always look to Black for a guiding force.

TESLA LOVES BIDEN: The election of President Joe Biden helped galvanize the clean tech industry. You’re here CEO Elon Musk says he’s excited about the new administration: a lengthy telephone interview with Fortune late Friday, the CEO of Tesla and the richest man in the world said he was thrilled with the change in the White House, given that Joe Biden appears determined to bring climate change under control – a break with Donald Trump.

“I’m delighted that the new administration is focusing on the climate,” Musk says, adding that he is following Biden on Twitter and watch his movements carefully. Read more.

CLUBHOUSE ERROR: Yesterday’s terms sheet showed that Clubhouse had 200 million active users per week, due to early morning brain. This figure is 2 million.

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