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 investigation, led by law firm Dechert, found no evidence that Black was engaged in any of Epstein’s alleged criminal activities, but found that he paid Epstein $ 158 million in consulting fees – higher than those previously disclosed
President Apollo will remain black. Marc Rowan – who left the company he co-founded with Black and Josh Harris last year to run his personal business – will return as CEO, Apollo said.
Epstein pleaded guilty in 2008 to soliciting and procuring a minor for prostitution. He was re-arrested in 2019 for sex trafficking following an examination of a 2007 non-compliance agreement he signed with federal authorities in Florida, which involved a broader investigation into his relationships with underage girls. He died in prison from an apparent suicide.
“Black viewed Epstein as a confirmed bachelor with eclectic tastes who often employ attractive women. However, Black did not believe that any of the women employed by Epstein would be minors. Black does not remember ever seeing Epstein with a minor woman at any time, “said the Dechert investigation.
“I am extremely proud of what I and my Apollo partners have built over the last 30 years,” Black said in a statement. “This is a decision we have been considering for several years.”
The Post reported exclusively in July 2019 that the charity of Black’s family kept Epstein as director for four years after Epstein’s 2008 guilty plea, which the foundation claimed was the result of a clerical error. Black later said he maintained ties with Epstein after 2008, saying he was paid to provide real estate and tax planning advice.
Black remains the president of the Museum of Modern Art, which has so far remained behind the main buyer and donor of art.