Leon Black is stepping down as CEO of Apollo Global Management following an internal investigation into his ties to convicted pedophile Jeffrey Epstein, the company said Monday.
The month-long probe, conducted by law firm Dechert, found no evidence that Black was involved in any of Epstein’s alleged criminal activities, but found that he paid Epstein $ 158 million in advisory fees – more than previously disclosed.
Black remains Apollo’s chairman. Marc Rowan – who left the company he founded with Black and Josh Harris last year to manage his personal investments – will return as CEO, Apollo said.
Epstein pleaded guilty to soliciting and obtaining a minor for prostitution in 2008. He was arrested again in 2019 for sex trafficking after investigating a 2007 non-prosecution agreement he signed with federal authorities in Florida, which involved a broader investigation into his dealings with underage girls. He died in prison after an apparent suicide.
Black saw Epstein as a confirmed bachelor with an eclectic taste, who often employed attractive women. However, Black did not believe that any of the women in Epstein’s employment were underage. Black can never remember ever seeing Epstein with an underage woman, “the Dechert investigation said.
“I am extremely proud of what my partners and I have built at Apollo over the past 30 years,” Black said in a statement. “This is a decision I’ve been thinking about for years.”
The Post reported only in July 2019 that Black Epstein’s charity had held Epstein for four years as its director following Epstein’s guilty plea in 2008, which the foundation claimed was the result of a clerical error. Black later said he had ties to Epstein after 2008, saying he was paid to provide estate planning and tax advice.
Black remains chairman of the Museum of Modern Art, which has so far stuck behind the major art purchaser and donor.