Leon Black intends to step down as CEO of Apollo Global Management Inc. after an independent analysis revealed higher-than-expected payments to the disgraced financier Jeffrey Epstein, whom he nevertheless considered justified.
The one-month review by Dechert LLP found no evidence that Mr. Black was involved in the criminal activities of the late Epstein, who was indicted in 2019 for federal sex trafficking charges involving underage girls, according to a copy of the report. company viewed by The Wall Street Journal.
In his report, Dechert found that the taxes the billionaire had paid Epstein were for legitimate advice on trust and property tax planning, which proved to be of significant value to Mr. Black and his family. Mr. Black paid Epstein a total of $ 148 million, plus a $ 10 million donation to his charity – much more than was previously known.
Mr Black wrote in a letter to Apollo investors that he would step down as CEO of co-founder Marc Rowan on or before his 70th birthday on July 31, while remaining president. In the letter, a copy of which was consulted by the Journal, Mr Black detailed other governance changes he recommended to the board, including the appointment of several independent directors and the removal of the structure of Apollo’s dual-class actions.
Mr Black has also pledged to donate $ 200 million from his family’s money to women’s initiatives.