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: