{"id":118018,"date":"2021-03-22T17:44:57","date_gmt":"2021-03-22T17:44:57","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118018"},"modified":"2021-03-22T17:44:57","modified_gmt":"2021-03-22T17:44:57","slug":"leon-black-leaves-apollo-executive-roles-after-epstein-investigation","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/leon-black-leaves-apollo-executive-roles-after-epstein-investigation\/","title":{"rendered":"Leon Black leaves Apollo executive roles after Epstein investigation"},"content":{"rendered":"

(Reuters) – Apollo Global Management Inc co-founder Leon Black has left his executive positions at the private equity firm, a move that caps a series of corporate governance changes triggered by a review of his ties to late financier and convicted sex offender Jeffrey Epstein.<\/p>

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Black, who co-founded Apollo 31 years ago, stepped down as the company\u2019s chairman, with Jay Clayton, former U.S. Securities and Exchange Commission chief, taking over as non-executive chairman, according to a statement on Monday.<\/p>\n

Black, 69, had planned to retain his role as chairman after relinquishing his post as chief executive officer in January in following an independent review by law firm Dechert, which revealed that he had paid Epstein $158 million for advice on tax and estate planning and related services between 2012 and 2017. The review had cleared Black of any wrongdoing.<\/p>\n

\u201cThe relentless public attention and media scrutiny concerning my relationship with Jeffrey Epstein – even though the exhaustive Dechert report concluded there was no evidence of wrongdoing on my part \u2014 have taken a toll on my health and have caused me to wish to take some time away from the public spotlight that comes with my daily involvement with this great public company,\u201d Black said in a letter to Apollo\u2019s board of directors.<\/p>\n

Epstein was found dead at age 66 in August 2019 in a Manhattan jail, while awaiting trial on sex trafficking charges for allegedly abusing dozens of underage girls in Manhattan and Florida from 2002 to 2005. New York City\u2019s chief medical examiner ruled the cause of death was suicide by hanging.<\/p>\n

Apollo said on Monday that co-founder Marc Rowan will formally take over as CEO after being named as Black\u2019s successor in January. Two new independent directors, Richard Emerson and Kerry Murphy Healey, were also added to Apollo\u2019s board.<\/p>\n

New York-based Apollo had appointed Clayton, 54, who was SEC chairman from May 2017 to December 2020, as lead independent director in February to improve corporate governance after the review.<\/p>\n

Earlier this month, Apollo announced it would merge with Athene Holding Ltd in an $11 billion all-stock deal, bringing in-house an annuities provider that helped turned it into one of the world\u2019s largest corporate credit investors.<\/p>\n

\u201cIn the last few months, not only did we announce a transformative merger with Athene, but also expect to report that our first quarter earnings will exceed analyst consensus in all relevant measures,\u201d Black said in a statement on Monday.<\/p>\n

\u201cI thus view this as the ideal moment to step back and focus on my family, my wife Debra\u2019s and my health issues, and my many other interests,\u201d he added.<\/p>\n

Black said he will remain Apollo\u2019s single largest shareholder and hopes to return to the company at some point.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – Apollo Global Management Inc co-founder<\/p>\n","protected":false},"author":3,"featured_media":118017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nLeon Black leaves Apollo executive roles after Epstein investigation - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/leon-black-leaves-apollo-executive-roles-after-epstein-investigation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Leon Black leaves Apollo executive roles after Epstein investigation - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"(Reuters) – Apollo Global Management Inc co-founder\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/leon-black-leaves-apollo-executive-roles-after-epstein-investigation\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-22T17:44:57+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/03\/cnewsfotor14.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/leon-black-leaves-apollo-executive-roles-after-epstein-investigation\/\",\"url\":\"https:\/\/precoinnews.com\/business\/leon-black-leaves-apollo-executive-roles-after-epstein-investigation\/\",\"name\":\"Leon Black leaves Apollo executive roles after Epstein investigation - 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