22 March 2021
Leon Black is out at Apollo Global Management, the private equity and debt giant he co-founded in 1990, just two months after the conclusion of an independent investigation into his interactions with Jeffrey Epstein.
Why it matters: Black is one of the fathers of the modern private equity industry, making this arguably the most significant private equity retirement ever.
Change of plans: In January, Black announced plans to turn over the CEO role to fellow Apollo co-founder Marc Rowan at the end of July, but said that he planned to remain chairman of the publicly-traded firm.
- Black accelerated the CEO switch to today, and said the chairman role will now be assumed by former SEC chair Jay Clayton.
- Apollo also added two new directors: Richard Emerson (ex-Evercore Partners, Microsoft) and Kerry Murphy Healey (former Lt. Gov of Massachusetts).
In a statement, Black said:
"In the last few months, not only did we announce a transformative merger with Athene, but also expect to report that our first quarter earnings will exceed analyst consensus in all relevant measures and that the first quarter fundraising is trending towards the high end of our $15-20b annual range. I thus view this as the ideal moment to step back and focus on my family, my wife Debra’s and my health issues, and my many other interests.”
Transcripts show George Floyd told police "I can't breathe" over 20 times
Section2Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.
Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.
The state of play: The transcripts were released as former officer Thomas Lane seeks to have the charges that he aided in Floyd's death thrown out in court, per the Times. He is one of four officers who have been charged.
- The filings also include a 60-page transcript of an interview with Lane. He said he "felt maybe that something was going on" when asked if he believed that Floyd was having a medical emergency at the time.
What the transcripts say:
- Floyd told the officers he was claustrophobic as they tried to get him into the squad car.
- The transcripts also show Floyd saying, "Momma, I love you. Tell my kids I love them. I'm dead."
- Former officer Derek Chauvin, who had his knee on Floyd's neck for over eight minutes, told Floyd, "Then stop talking, stop yelling, it takes a heck of a lot of oxygen to talk."
Read the transcripts via DocumentCloud.