Leon Black plans to step down as CEO of Apollo Global Management Inc. after an independent review revealed larger-than-expected payments to the disgracedly funded Jeffrey Epstein who, despite everything, he considered justified.
Dechert LLP’s months-long review found no evidence that Mr. Black was involved in the criminal activities of the late Epstein, who was charged in 2019 with federal charges of sex trafficking with underage girls, according to a copy of the law firm report seen by The Wall Street Journal.
In his report, Dechert found the fees the billionaire had paid Epstein for legitimate advice on trust and wealth tax planning that turned out to be of significant value to Mr. Black and his family. . Black paid Epstein a total of $ 148 million, plus a $ 10 million donation to his charity, far more than was previously known.
Black wrote in a letter to Apollo fund investors that he would cede the role of CEO to co-founder Marc Rowan on or before July 31, while retaining the role of president. In the letter, a copy of which he saw in the newspaper, Mr. Black detailed other changes of government he recommended to the board, including the appointment of more independent directors and the removal of the dual-class shareholding structure. ‘Apollo.
Black also pledged to donate $ 200 million of his family’s money to women’s initiatives.