Billionaire investor Leon Black, who was accused of paying Jeffrey Epstein $75million for ‘professional services’ said Thursday that he’s stepping down as CEO of Apollo Global Management after an internal investigation found that he paid the financier $148million in advisory fees.
The company announced Monday that Black had informed the board of directors that ‘he will retire as CEO effective on or before July 31, 2021 consistent with best-in-class governance practices’. Black will be succeeded by Marc Rowan.
According to a separate announcement from the company, Apollo said it found no evidence that Black was guilty of any wrongdoings in his past relationship with Epstein, a convicted sex offender who hanged himself in jail in 2019.
‘The findings of the report are consistent with statements made by Mr Black and Apollo regarding the prior relationship,’ the company said.
The probe, which was conducted by law firm Dechert, ‘found no evidence that Mr Black was involved in any way with Mr Epstein’s criminal activities at any time’.