Jim Cramer on Leon Black leaving Apollo completely

CNBC Television published this video item, entitled “Jim Cramer on Leon Black leaving Apollo completely” – below is their description.

Apollo Global Management said Monday that CEO Leon Black, who was tarnished by his financial involvement with the late sexual predator Jeffrey Epstein, has left the firm months earlier than previously announced. CNBC’s Jim Cramer and David Faber discuss. Subscribe to CNBC PRO for access to investor and analyst insights: https://cnb.cx/2Vtntx6
Apollo Global Management said Monday that CEO Leon Black, who was tarnished by his financial involvement with the late sexual predator Jeffrey Epstein, has left the firm months earlier than previously announced.
Black, who unexpectedly also is relinquishing his position as chairman, said his wife’s and his own “health issues” played a key role in his decision to step aside now.
Apollo had said in January that the 69-year-old Black would leave as CEO in July. But the firm also had said at that time that Black would remain as chairman.
Apollo co-founder Marc Rowan took over as CEO, as the investment management firm said in January that he would do.
Apollo also said in a Securities and Exchange Commission filing that former SEC chairman Jay Clayton has been named nonexecutive chairman of the board. Clayton has been Apollo’s lead independent director.
Apollo revealed in January that Black paid Epstein $158 million for financial advice from 2012 through 2017, despite knowing that the money manager had pleaded guilty to soliciting prostitution from an underage girl in Florida in 2008.
Those payments, which were discovered after Apollo hired a law firm to probe the men’s relationship, were three times more than the minimum of $50 million in payments Black was reported in October to have made to Epstein.
Less than three months before the higher-than-disclosed payments were revealed, Black said in a statement, “Knowing all that I have learned in the past two years about Epstein’s reprehensible and despicable conduct, I deeply regret having had any involvement with him.”
“With the benefit of hindsight, working with him was a horrible mistake on my part,” Black said at the time.
In January, Black said he had decided that “one way I can begin to address the grievous error” of having a professional relationship with Epstein was to pledge $200 million toward gender-equality initiatives and supporting survivors of domestic violence, sexual assault and human trafficking.
In a statement Monday discussing his sooner-than-announced departure, Black said, “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 and that the first quarter fundraising is trending towards the high end of our $15-20b annual range.”
“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 said.
Referring to Rowan, Black said: “Marc has seamlessly transitioned into the CEO role and I am confident Apollo will soar to new heights under his leadership.”
″“Over the past 30-plus years, my co-founders, Marc, Josh Harris and I, have worked extremely hard to make Apollo a franchise built for enduring success,” Black added. “I believe strongly that Apollo’s best days lie ahead. I intend to remain Apollo’s largest shareholder, and strongest supporter.”
Apollo’s share price in the past 12 months, as well as in the year to date, has risen by markedly less on a percentage basis than a number of similar large investment companies.
Epstein, a former friend of Presidents Bill Clinton and Donald Trump, was arrested in July 2019 on federal child sex trafficking charges. He died a month later in a federal jail in Manhattan, from what has officially been ruled a suicide by hanging.
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast

Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
https://www.cnbc.com/select/best-credit-cards/
#CNBC
#CNBCTV
CNBC Television YouTube Channel