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Leon Black Exits Apollo Ahead of Schedule and Cedes Chairman Role
Posted
March 22, 2021
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March 22, 2021
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2:04Now PlayingLeon Black, the Wall Street billionaire who appeared to be a main client of disgraced financier Jeffrey Epstein, is stepping down as chief executive officer of Apollo Global Management 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 Monday 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, Jay Clayton was named non-executive chairman, and Apollo added two more independent directors to its board, according to the statement.
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.
“Marc has seamlessly transitioned into the CEO role and I am confident Apollo will soar to new heights under his leadership,” Black said in the statement.
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.
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