Apollo Co-founder Josh Harris To Step Down From As Managing Director

The co-founder of Apollo Global Management, Josh Harris is preparing to step down from his role on completion of its deal with leading retirement services company, Athene Holding.

Harris will return to being as an investor and entrepreneur, and will remain on Apollo’s board and executive committee.

The new development comes after co-founder Leon Black stepped down from his executive roles at the private-equity firm In March. The move topped a series of corporate governance changes which were triggered by a review of his ties to the late financier and convicted sex offender Jeffrey Epstein.

Black, who co-founded Apollo 31 years ago, stepped down as the company’s chairman, leaving Jay Clayton, former U.S. Securities and Exchange Commission chief, to take over as non-executive chairman.

The move was so surprising as Black had planned to retain his role as chairman after relinquishing his post as chief executive officer in January, following an independent review by law firm Dechert, which revealed that he had paid Epstein $158 million for advice on tax and estate planning and related services between 2012 and 2017. A review that cleared Black of any wrongdoing.

According to the statement released by Apollo, Harris will be focusing on building his multi-asset-class investing business and HBSE, a sports and entertainment company, as well as growing his family’s foundation.