Leon Black, Chairman, CEO and Director, Apollo Global Management, LLC, speaks at the Milken Institute’s 21st Global Conference in Beverly Hills, California, May 1, 2018.
Lucy Nicholson | Reuters
Leon Black will retire as CEO of Apollo Global Management by the end of July, but will remain as its chairman, the investment firm said Monday, as it also revealed that a probe of the company’s and Black’s ties with sex criminal Jeffrey Epstein had found no wrongdoing.
Apollo in a news release said that a previously disclosed investigation by the law firm Dechert found that Appollo had never retained Epstein for any services, and that he never invested any funds managed by the company.
The company said that Dechert also confirmed that while Epstein had “regularly advised” Black on trust and estate planning, tax issues and other operations of his family office, all fees paid to Epstein by Black or his family offier were for “bona fide” services, and “the amounts were intended to be proportional to the value” of Epstein’s work.
“Epstein’s advice was vetted by respected professional advisors; and Dechert found no evidence that Mr. Black was involved in any way with Mr. Epstein’s criminal activities at any time,” Apollo said in a news release.
“The findings of the report are consistent with statements made by Mr. Black and Apollo regarding the prior relationship,” the company added.
Black in a separate statement announcing his planned retirement as CEO by this summer said, “I am extraordinarily proud of the firm I have helped build over the past 30 years and the value we bring to our clients, investors and communities.”
“Since our IPO in early 2011, we have focused on transforming Apollo and developing the next generation of leadership to position the firm for continued growth for decades to come. Given the extraordinary strength and depth of Apollo’s management team and consistent with best-in-class governance practices, I have advised the Apollo Board that I will retire as CEO on or before my 70th birthday in July and remain as Chairman,” Black said.
He also said that in the role of chairman, “I look forward to focusing on strategic planning, growth initiatives, investment opportunities and supporting Apollo, which has been my life’s work, in whatever ways I can.”
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