Leon Black will step down as CEO of Apollo Global Management, the investment firm said, as it also announced that an internal investigation into Black’s ties to Jeffrey Epstein found no wrongdoing.
Black will retire by the end of July and will be succeeded by Marc Rowan, a co-founder of the private equity firm, as CEO. Black remain as the firm’s chairman, the firm said.
In a separate announcement, Apollo said it found no evidence of wrongdoing in Black’s past relationship with Epstein, an accused sex trafficker 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,” Apollo said in a statement.
Black called for the independent review in October of last year, saying it was “the best way to assure all of our stakeholders that they have all of the relevant facts, and I look forward to cooperating fully,” according to an Apollo spokesperson.
In a letter provided to CNN in October, Black expressed that he deeply regretted his involvement with Epstein.
“With the benefit of hindsight — and knowing everything that has come to light about Epstein’s despicable conduct more than fifteen years ago — I deeply regret having had any involvement with him,” Black stated in the letter.
Black stated that his relationship only involved professional services that included “estate planning, tax and philanthropic endeavors” as well as occasional meets at Epstein’s townhouse to conduct business, as he says, Epstein didn’t have a separate office.