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Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Josh Harris is stepping down from his day-to-day Apollo Global Management, the alternative investment giant he co-founded in 1990, after losing a succession battle.

Between the lines: This is the latest domino to fall from the relationship between fellow Apollo co-founder Leon Black and Jeffrey Epstein, which ultimately resulted in Black's resignation as both CEO and chairman.

Background: Harris concluded that Black had to go long before Black did, which either means Harris was more in touch with the gravity of the Epstein situation, was being an opportunist, or both.

  • Either way, Black didn't take too kindly to the usurpation, recruiting third co-founder Marc Rowan back from his Hamptons retirement to become CEO.
  • The writing was then on the wall for Harris, who has outside interests as co-owner of the NBA's Philadelphia 76ers and NHL's New Jersey Devils. He also was part of an unsuccessful effort to buy the New York Mets.

Details: Harris will remain on Apollo's board of directors and executive committee. His transition becomes effective when the firm closes its megamerger with Athene, which is expected to occur next January.

What Harris is saying, per an internal email sent this morning: "I will return to my roots as an investor and entrepreneur, focusing full time on the platforms I’ve created outside of the firm, as well as deepen my commitment to philanthropy and social impact. Now is the right moment for this transition. I believe that our unrivaled and deeply talented global team is in the most capable hands under Marc’s leadership. I am grateful to Marc for his partnership and friendship."

What Rowan is saying, per an internal email sent one minute later: "Josh has been an amazing partner and it has been my privilege to work side by side with him for nearly 35 years.  I am fortunate to lead a business with an incredibly strong management team, which Josh had a significant role in helping to develop."

What Omar Little would say: You come at the king, you best not miss.

Go deeper

Aug 24, 2021 - Health

Americans are on board with coronavirus booster shots

Expand chart
Data: The Harris Poll; Chart: Thomas Oide/Axios

The vast majority of Americans who are already vaccinated or plan to be vaccinated say they're likely to get a coronavirus booster shot, according to The Harris Poll.

But, but, but: More than half of respondents also said the need for boosters has impacted their confidence in the vaccine they've already received — further evidence that the Delta variant has delayed our return to normal life.

Aug 24, 2021 - Podcasts

What FDA approval of the Pfizer vaccine means for a hard-hit state

The FDA yesterday granted full approval to the Pfizer-BioNTech COVID vaccine. Will it convince more people to get vaccinated? The answer to that question will be especially important in states with low vaccination rates and surging hospitalizations, like Alabama. That state is currently one of the hardest hit by COVID in the nation.

  • Plus, FDA approval of the Pfizer vaccine raises questions about young kids.
  • And, dire conditions in Qatar for evacuees from Afghanistan.

Guests: Alabama State Health Officer Dr. Scott Harris, Axios' Tina Reed and Jonathan Swan.

Credits: Axios Today is produced in partnership with Pushkin Industries. The team includes Niala Boodhoo, Sara Kehaulani Goo, Dan Bobkoff, Alexandra Botti, Nuria Marquez Martinez, Sabeena Singhani, and Ben O'Brien. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. You can text questions, comments and story ideas to Niala as a text or voice memo to 202-918-4893.

Go deeper:

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. Photo: CIRA/RAMMB

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest.

Why it matters: The atmospheric river, packing large amounts of moisture, was causing Northern California to whiplash from drought to flood, as it slowly moved south overnight. It's triggered widespread power outages, flooding and mudslides.