Apollo Global Management's founder Leon Black steps down as chairman

The company appointed Jay Clayton, former US Securities and Exchange Commission chief, as non-executive chairman

Leon Black's Apollo Global Management has $433bn of assets under management. Image courtesy of Milken Institute

Apollo Global Management on Monday appointed Jay Clayton, former US Securities and Exchange Commission chief, as non-executive chairman after founder Leon Black said he would step down from the post to focus on his family, health and other interests.

Mr Black had planned to retain the role of chairman after he agreed to step down from the post of chief executive in January, following an independent review of his ties to the late financier and convicted sex offender Jeffrey Epstein.

"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," Mr Black said in a statement on Monday.

"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," he added.

Apollo also said co-founder Marc Rowan will formally take over as chief executive after being appointed to the role in January.

Apollo had appointed Mr Clayton, who was chairman of the US SEC from May 2017 to December 2020, as lead independent director in February to improve corporate governance in the wake of the review.