The past year has been a tumultuous one for Apollo. Black’s financial ties with sex offender Jeffrey Epstein threatened fundraising as some investors put their commitments on hold. The episode precipitated Black’s departure from the firm earlier this year.
Harris, 56, had positioned himself as Black’s most likely successor, frequently representing Apollo at conferences and in the media. He was seen as having a tighter relationship with Black and deemed the top contender for the role.
But Black, 69, surprised insiders in January by handing the top job to Rowan, after Harris privately urged Black to give up his posts to avoid further damaging Apollo’s reputation. After the decision was made, Harris publicly supported it.