Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
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.