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Harris will "return to his roots" as an investor and
entrepreneur, Apollo said, adding that he will remain on the
company's board and its executive committee.
The change comes after co-founder Leon Black in March stepped
down from his executive roles at the private-equity firm, a
surprise move that capped a series of corporate governance
changes 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, with Jay Clayton, former U.S. Securities and
Exchange Commission chief, taking over as non-executive
chairman.
The move came as a surprise 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.
The review had cleared Black of any wrongdoing. Co-founder Marc
Rowan formally took over as CEO in March.
Apollo said Harris will focus on building his multi-asset-class
investing business and HBSE, a sports and entertainment company,
as well as growing his family's foundation.
"After nearly 31 years at Apollo, it is time for me to start the
next chapter of my career, where I will focus full-time on the
platforms I've created outside of the firm," Harris said.
Apollo in March said it would merge with Athene in an
$11-billion all-stock deal that is expected to close in the
first quarter of 2022. [nL4N2L62U8
(Reporting by Niket Nishant and Noor Zainab Hussain in Bengaluru;
Editing by Vinay Dwivedi)
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