- Push-out Score determined
- After almost 15 years in the position
- Marc Rowan taking over
- Black will remain as Chairman at Apollo
- Black made a lengthy statement and said 294 words
(exechange) — New York, January 25, 2021 — Leon Black, chief executive of Apollo, leaves his post. As announced by Apollo Global Management Inc. in a news release and in a regulatory filing published on Monday, January 25, 2021, Leon Black leaves his post as chief executive officer of the private-equity firm after almost 15 years in the role, effective on or before July 31, 2021.
Leon Black’s duties as CEO will be taken over by Marc Rowan, co-founder of Apollo Global Management Inc.
“Consistent with best-in-class governance practices”
Apollo did not give an explicit reason for Leon Black’s departure from the CEO post. Apollo said: “Chairman and CEO Leon Black has informed the Board of Directors that he will retire as CEO effective on or before July 31, 2021 consistent with best-in-class governance practices.”
Black will remain as Chairman at Apollo
“The Executive Committee, with the support of the Board, unanimously approved Marc Rowan as CEO to succeed Mr. Black who will continue as Apollo’s Chairman,” Apollo said.
“Retire”
Apollo said: “On January 24, 2021, at a meeting of the Executive Committee of the Board of Directors (the “Board”) of Apollo Global Management, Inc. (the “Company” and together with its consolidated subsidiaries, “Apollo”), Mr. Black informed the Executive Committee members that he intends to retire from his position as Chief Executive Officer of the Company on or before July 31, 2021.”
Share price decline since January 2020
The announcement follows a decline in Apollo Global Management Inc.’s share price of 3% since January 2020.
In the position of CEO since 2007
Leon Black became CEO of the Company in 2007.
Black is the Chairman of the board of directors and Chief Executive Officer of Apollo and a Managing Partner of Apollo Management, L.P.
In 1990, Black founded Apollo Management, L.P. and Lion Advisors, L.P. to manage investment capital on behalf of a group of institutional investors, focusing on corporate restructuring, leveraged buyouts and taking minority positions in growth-oriented companies.
From 1977 to 1990, Black worked at Drexel Burnham Lambert Incorporated, where he served as a Managing Director, head of the Mergers & Acquisitions Group, and co-head of the Corporate Finance Department.
Black previously served on the boards of directors of the general partner of AAA and of Sirius XM Radio Inc.
Black is a Co-Chairman of The Museum of Modern Art and a trustee of The Mount Sinai Medical Center.
He is also a member of The Council on Foreign Relations and The Partnership for New York City. He is also a member of the board of directors of FasterCures.
Black graduated summa cum laude from Dartmouth College in 1973 with a major in Philosophy and History and received an MBA from Harvard Business School in 1975.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Leon Black’s move on a scale of 0 to 10.
exechange reached out to Apollo and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 5.2021 ($).