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Apollo Announces Review of Significant Governance Enhancements as Part of Continued Evolution .
Apollo Global Management, Inc.January 25, 2021 GMT
New Directors Appointed and Board and Executive Committee to Consider Recommendations for Further Expansion, Simplified Voting Structure and Elimination of Executive Committee
Leon Black to Retire on or before July 31, 2021 as CEO and to Remain Chairman, Marc Rowan Named Successor
NEW YORK, Jan. 25, 2021 (GLOBE NEWSWIRE) Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that Chairman and CEO Leon Black has informed the Board of Directors that he will retire as CEO effective on or before July 31, 2021 consistent with best-in-class governance practices. The Executive Committee, with the support of the Board, unanimously approved Marc Rowan as CEO to succeed Mr. Black who w
Marc Rowan, one of Leon Black’s top lieutenants, is to succeed him as CEO of private equity giant Apollo Global Management. Black will stay on as chairman.
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Leon Black, who founded the alternative investment firm Apollo Global Management, is stepping down as chief executive following an independent review of his relations with convicted sex offender Jeffrey Epstein.
Mr Black will retire as chief executive effective on or before July 31, 2021 consistent with best-in-class governance practices of the company , Apollo said in a statement on Monday. He will, however, remain chairman of the firm he founded three decades ago.
Marc Rowan will take over as the new chief executive of the alternative asset management company, which had $433 billion in assets under management at the end of September last year.
Sources tell FOX Business’ Charlie Gasparino that Apollo hopes an outside law firm can help client concerns but executives say it’s hard to justify Epstein ties.
Leon Black plans to step down as chief executive of Apollo Global Management Inc. after an independent review revealed larger-than-expected payments to disgraced financier Jeffrey Epstein that it nevertheless deemed justified.
The monthslong review by Dechert LLP found no evidence that Mr. Black was involved in the criminal activities of the late Epstein, who was indicted in 2019 on federal sex-trafficking charges involving underage girls, according to a copy of the law firm’s report that was viewed by The Wall Street Journal.
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