Leon Black, Chairman, CEO and Director of Apollo Global Management, LLC, speaks at the Milken Institute’s 21st Global Conference on May 1, 2018 in Beverly Hills, California.
Lucy Nicholson | Reuters
Leon Black will retire as CEO of Apollo Global Management until the end of July, but will continue to serve as chairman, the investment firm said on Monday, as an investigation into the company’s and Black’s relationship with sex criminal Jeffrey Epstein revealed no wrongdoing.
Apollo said in a press release that a previously published investigation by the Dechert law firm found that Appollo never kept Epstein on services and that he never invested funds managed by the company.
The company said that Dechert also confirmed that while Epstein advised Black “regularly” on trust and estate planning, taxation, and other operations of his family office, any fees Black or his family member paid to Epstein were for ” “services are in good faith and” the amounts should be proportional to the value “of Epstein’s work.
“Epstein’s advice has been reviewed by respected professional advisors. Dechert never found evidence that Mr. Black was in any way involved in Mr. Epstein’s criminal activities,” Apollo said in a press release.
“The results of the report are consistent with what Mr. Black and Apollo have said regarding their previous relationship,” the company added.
In a separate statement announcing his planned resignation as CEO by the summer, Black said, “I am extremely proud of the company I have helped build over the past 30 years and the value we hold Bringing customers, investors and communities. “
“Since our initial public offering in early 2011, we’ve focused on transforming Apollo and developing the next generation of leaders to position the company for continued growth over the decades to come. Given the extraordinary strength and depth of the Apollo management team and the In line with best-in I notified the Apollo Board that on or before my 70th birthday in July I will retire as CEO and remain as Chairman, “said Black.
In his role as Chairman, he also said, “I look forward to focusing in every possible way on strategic planning, growth initiatives, investment opportunities and supporting the Apollo that has been my life’s work.”
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