Leon Black, co-founder of Apollo Global Management Inc., is stepping down as chairman of the firm months earlier than expected, reported the Wall Street Journal. Jay Clayton, former chairman of the Securities and Exchange Commission, is succeeding Black in that role at Apollo. Black is citing his and his wife’s health issues as key reasons for the unexpected move, noted the news outlet.
Earlier this year, it was announced that Black would be stepping down this summer from his role at Apollo, an exit that was precipitated by disclosures of Black’s ties with disgraced financier/convicted sex offender Jeffrey Epstein.
Also, WSJ reported that Apollo’s co-founder Marc Rowan had “formally assumed” the CEO title from Black, a transition that the New York-based firm said initially would transpire before Black’s 70th birthday on July 31.