According to Apollo Global Management Inc., co-founder Josh Harris has decided to give up his day-to-day as managing director at the conclusion of the private equity giant’s deal with Athene Holding Ltd.
Harris will “go back to his roots” as an investor and entrepreneur, Apollo said, adding that he will remain on the company’s board of directors and executive committee.
The change comes after co-founder Leon Black resigned as a private equity firm in March, a surprise move that limited a number of changes in corporate governance triggered by a review of his ties to financial deceased and convicted sex offender Jeffrey Epstein.
Black, who co-founded Apollo 31 years ago, resigned as president of the company, with Jay Clayton, former head of the U.S. Securities and Exchange Commission, taking over as non-executive chairman.
The decision came as a surprise, as Black planned to hold on to his role as chairman after resigning as CEO in January, following an independent review by law firm Dechert, which revealed he had paid to Epstein $ 158 million for tax advice and real estate planning and related services between 2012 and 2017.
The review had erased Black from any malice. Co-founder Marc Rowan formally took over as CEO in March.
Apollo said Harris will focus on building his multi-asset investment business and HBSE, a sports and entertainment company, in addition to growing his family’s foundation.
“After nearly 31 years at Apollo, it’s time to start the next chapter of my career, where I’ll focus full-time on the platforms I’ve created outside of the company,” Harris said.
Apollo in March said it would merge with Athene in a $ 11 billion total deal that is expected to close in the first quarter of 2022.