At 70 years old he should be retired anyhow! MH
Jan. 25, 2021 at 2:49 pm Updated Jan. 25, 2021 at 10:23 pm
The founders of Apollo Global Management, one of the world’s biggest private equity firms, engaged in a brief power struggle this weekend over control of the firm, a rift that opened up after an inquiry revealed that one founder — Apollo’s chief executive and chairman, Leon Black — had paid $150 million to convicted sex offender Jeffrey Epstein.
On Monday, Black announced his plan to step down as chief executive of the company this year.
“I have advised the Apollo board that I will retire as CEO on or before my 70th birthday in July and remain as chairman,” he said in a statement.
The review — ordered by the firm’s board in October after The New York Times detailed at least $75 million in payments — found that Black had paid Epstein significantly more, according to two people familiar with the inquiry, who requested anonymity because the report was not public. The sum effectively bankrolled the disgraced financier’s lifestyle in the years after his 2008 guilty plea to a Florida prostitution charge involving a teenage girl.
The investigation found no evidence of wrongdoing by Black, according to a person familiar with the inquiry.
The findings created friction between Black and one of Apollo’s other founders, Joshua Harris, according to three people briefed on the discussions. One of the people said Harris believed that Black showed poor judgment in consorting with Epstein, and that the new findings would further hurt Apollo’s reputation. In recent months, Apollo investors had begun openly questioning the financial ties between Black and Epstein, who died in 2019…READ MORE