Leon Black to step down as Apollo Global Management CEO amid Jeffery Epstein scandal

Leon Black, the Wall Street billionaire and co-founder of Apollo Global Management step down as Chief executive officer of the investment company amid the scandal surrounding his connections with a sex offender and late financier Jeffery Epstein. 

The giant investment company announced on Monday that Black is stepping down as chairman, a role he promised to hold in January, after a review of his partnership with Epstein. Black would also resign as CEO immediately, after previously stating that he will resign by July 31.

In announcing the step, Black cited health concerns for both himself and his wife.

The step is the latest in a string of shifts at the company following the completion of an independent investigation into Black's links to Epstein. According to the review conducted by law firm Dechert LLP, Black-billed Epstein a total of $158 million for tax and estate planning services, much more than was commonly thought.

Black would also step down as chairman of the private equity company he helped found nearly three decades ago, according to a statement issued by the company on Monday. Jay Clayton, the former chairman of the Securities and Exchange Commission who recently joined the company as an independent director, will take his place.

Apollo also announced on Monday that co-founder Marc Rowan, who left the company last year, has officially taken over as CEO.

In addition to Clayton, Apollo has recruited a host of independent directors following the completion of the Dechert review. It added two more on Monday, naming Richard Emerson, president of Pendral Capital, and Kerry Murphy Healey, president of the Milken Center for Advancing the American Dream, both of whom will take office immediately, New York Post reported.