Leon Black, the Wall Street billionaire who appeared to be a main client of disgraced financier Jeffrey Epstein, is stepping down as chief executive of Apollo Global Management Inc. months ahead of schedule.
Black’s departure from that role had been announced in January, though the firm said at the time that he would leave by July 1. A statement confirmed his immediate exit from the position as well as the chairmanship he’d been expected to keep.
Co-founder Marc Rowan has taken over as CEO and Jay Clayton was named non-executive chairman of the board, Apollo said.
It’s an abrupt turn for Black, 69, a Wall Street legend who built Apollo into one of the most fearsome — and profitable — names in American finance. He cited unspecified health issues for himself and his wife in announcing his exit.
Black and Apollo have been dealing with the fallout from his extensive links with convicted sex offender Epstein, which brought unprecedented scrutiny and unsettled clients and shareholders.
After new evidence of Black’s ties to the late financier surfaced last year, Apollo hired a law firm to look into the matter. The investigation found that Black paid Epstein $158 million between 2012 and 2017 — after Epstein pleaded guilty to felony charges in 2008. Apollo has long maintained it never hired Epstein for any services, and Black was never accused of any involvement in his criminal activities.
Apollo expects to report earnings that exceed analysts’ estimates and first-quarter fundraising that’s at the high end of the firm’s annual range, Black said in the statement.
“I thus view this as the ideal moment to step back and focus on my family, my wife Debra’s and my health issues, and my many other interests.”
