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Photo: Apollo Global Management

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 lieutenant governor 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."

What Black didn't say: He might still be in charge if he hadn't spent more than a year hoping that the Epstein questions would dissipate, kind of like questions dissipated nearly a decade earlier about Apollo's use of a corrupt fund placement agent.

  • We simply don't yet know if there's some backroom business that hasn't yet come to the surface. Or if face value is the proper way to take the revised plans.

What they're saying: Apollo shareholders have never seemed to much care about this story, and that continued this morning. The firm's stock barely budged.

The bottom line: This was the right move. Overdue, but on target.

Go deeper

2 hours ago - World

Biden adviser warns "there will be consequences" for Russia if Navalny dies

The Biden administration warned the Russian government "that there will be consequences" if jailed Russian opposition leader Alexei Navalny dies, National Security Adviser Jake Sullivan told CNN on Sunday.

The big picture: Sullivan also defended President Biden for not mentioning Navalny in a Thursday speech about Russia or in a Tuesday call with Russian President Vladimir Putin, saying the White House aims to deal with the issue "privately and through diplomatic channels."

3 killed, 2 wounded overnight in Kenosha bar shooting

Three people died and two were hospitalized with serious injuries after a gunman entered bar in Kenosha County, Wisconsin, the police department said in a statement on Sunday. Police responded to the shooting at around 12:42 a.m. and the suspect has not been found.

The big picture: The midnight shooting is the latest in a string of deadly mass shootings to hit the U.S. since March, fueling a debate in Washington about how to regulate the weapons.

Prosecutor on leave for failing to "fully present the facts" after shooting of 13-year-old boy

People march through Larimer Square as they protest the deaths of Daunte Wright and Adam Toledo on April 17 in Denver, Colorado. Photo: Michael Ciaglo/Getty Images

Cook County prosecutor James Murphy was placed on administrative leave Friday after he implied in court that 13-year-old Adam Toledo, who was shot and killed by a police officer in March, was armed when he was shot, the Chicago Tribune and Chicago Sun-Times report.

Why it matters: Videos of the shooting show that Toledo dropped what appears to be a weapon and put his hands in the air a moment before before he was fatally shot. A lawyer for the Toledo family said Thursday that if the teen "had a gun, he tossed it."