{"id":235304,"date":"2021-04-25T22:12:03","date_gmt":"2021-04-25T19:12:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/leon-black-has-ties-to-apollo-globals-new-board-members\/"},"modified":"2021-04-25T22:12:03","modified_gmt":"2021-04-25T19:12:03","slug":"leon-black-has-ties-to-apollo-globals-new-board-members","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/leon-black-has-ties-to-apollo-globals-new-board-members\/","title":{"rendered":"#Leon Black has ties to Apollo Global’s new board members"},"content":{"rendered":"

“#Leon Black has ties to Apollo Global’s new board members<\/strong>”<\/p>\n

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Leon Black may have maneuvered to enhance his clout on the board of Apollo Global Management ahead of a surprise Jan. 25 announcement that he was stepping down as CEO amid controversy over his ties to Jeffrey Epstein, The Post has learned.<\/p>\n

In a series<\/a> of moves that are only now being questioned by some within the company, according to sources close to the situation, Black on Jan. 22 presented a plan to increase the size of Apollo\u2019s board from seven to 13, including four new directors whose app<\/a>ointments were to be effective March 1.<\/p>\n

In addition to Apollo co-presidents Scott Kleinman and Jim Zelter, the company also added to the board independent directors Siddhartha Mukherjee and Pam Joyner.<\/p>\n

But Mukherjee, a world-renowned physician and scientist, has ties to Black through his artist wife Sarah Sze, according to sources and public documents reviewed by The Post. Likewise, Joyner has a documented history with Black stretching back nearly two decades, including as fellow trustees of their alma mater, Dartmouth College.<\/p>\n

Apollo says the board stands by the directors, who \u201chave impeccable credentials and offer significant value to the Apollo board.\u201d<\/p>\n

\u201cIt is disappointing that the integrity and independence of such highly accomplished individuals is being questioned by anonymous, unsubstantiated accusations,\u201d Apollo said.<\/p>\n

It added, \u201cNo member of the board has raised any concerns regarding the qualifications or commitment of the independent directors,\u201d and the directors were \u201cunanimously approved after extensive due diligence.\u201d<\/p>\n

\"Siddartha
Siddhartha Mukherjee, a world-renowned physician and scientist, has ties to Black through his artist wife Sarah Sze.<\/figcaption>
Kevin Mazur<\/span><\/figcaption><\/figure>\n

But sources say Mukherjee and Joyner were nominated and approved over a tumultuous three-day period without any interviews and that their ties to Black weren\u2019t made clear to the board. Apollo declined to comment, but a source close to the company said the nominees were made available for interviews.<\/p>\n

The board expansion was presented to the board on Jan. 22 as a way to proactively improve Apollo\u2019s corporate governance and cushion it from the blow of a soon-to-be-released report showing Black had closer ties to Epstein than previously realized, sources said.<\/p>\n

Black also agreed to step down as CEO by the end of July while remaining chairman of the board. Apollo co-founder Marc Rowan would replace him as CEO.<\/p>\n

When the plan was announced on Jan. 25, the board shuffle was overshadowed by the simultaneous release of a report Apollo had commissioned from law firm Dechert examining Black\u2019s relationship with Epstein.<\/p>\n

The report found no evidence of wrongdoing by Black but showed that he had paid Epstein $158 million for personal tax, accounting and estate planning work following Epstein\u2019s 2008 guilty plea for soliciting a minor for sex.<\/p>\n

In the case of Mukherjee, Black and his wife Debra were one of 14 \u201cgenerous\u201d donors of his wife\u2019s 2018 stainless steel sculpture \u201cFallen Sky,\u201d permanently housed at the Storm King Art Center in New Windsor, NY, according to a press release.<\/p>\n

Black in 2012 bought art publisher Phaidon Press, which in 2016 published the first substantial study of Sze\u2019s work, according to Phaidon\u2019s Web site.<\/p>\n

Black was also chair of the Museum of Modern Art when it hosted \u201cSurrounds: 11 Installations\u201d featuring Sze\u2019s art. And when MoMA in 2015 celebrated Black being named co-chair in its sculpture garden, Sze was reportedly among the guests.<\/p>\n

Joyner was head of Dartmouth College\u2019s investment committee from 2004 through 2009. Black, a fellow Dartmouth alum, served for an overlapping period on the same committee when he was a member of Dartmouth\u2019s board of trustees from 2002 to 2011.
When Joyner was head of the committee, Dartmouth invested $40 million in Apollo funds, according to reports.<\/p>\n

\"Pam
Pam Joyner has a documented history with Black stretching back nearly two decades, including as fellow trustees of their alma mater, Dartmouth College.<\/figcaption>
Drew Altizer<\/span><\/figcaption><\/figure>\n

Joyner in 2003 formed Avid Partners, a company that markets private equity funds. Apollo hired Avid in 2005, when Black was CEO, and Avid went on to help Apollo raise $150 million from North Carolina\u2019s pension, according to the Carolina Journal.
Governance experts say Mukherjee and Joyner\u2019s ties to Black raise questions about their independence.<\/p>\n

\u201cOf all the people you could get at Apollo, why these two over everybody else?\u201d Doug Chia, founder of Soundboard Governance told The Post. \u201cI think there are some obvious and direct connections here that could influence any decisions they have to make about Leon Black.\u201d<\/p>\n

Even if fellow Black\u2019s directors had objected to the nominations, most would have been powerless to do anything, sources said.<\/p>\n

At Apollo, only Class C stockholders have the authority to nominate and elect directors. And only three people have Class C shares \u2014 Apollo co-founders Black, Rowan and Josh Harris, all of whom approved of the new directors, sources said.<\/p>\n

Harris, who had reportedly pushed for Black to step down immedia<\/a>tely that weekend, said he \u201cvoted in support of the directors pursuant to the normal governance process.\u201d<\/p>\n

It\u2019s the latest sign that Black was reluctant to give up control of the financial behemoth he has led since it was founded in 1990. Indeed, when Black abruptly resigned as chairman and CEO on March 21 \u2014 days after various board members learned of sexual harassment allegations by a woman he said was extorting him over a \u201cconsensual affair\u201d \u2014 he told the board in a letter that he hoped \u201cto return at some point,\u201d according to filings.<\/p>\n

Black, who declined to comment for this story, has denied the woman\u2019s allegations. He also denied that her claims contributed to his departure, saying he stepped down for health reasons.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Leon Black has ties to Apollo Global’s new board members” Leon Black may have maneuvered to enhance his clout on the board of Apollo Global Management ahead of a surprise Jan. 25 announcement that he was stepping down as CEO amid controversy over his ties to Jeffrey Epstein, The Post has learned. In a series…<\/p>\n","protected":false},"author":1,"featured_media":235305,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/04\/leon-black.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[103386,72964,55838,72968,77876],"class_list":["post-235304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-4-25-21","tag-apollo-global-management","tag-jeffrey-epstein","tag-leon-black","tag-moma"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/235304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=235304"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/235304\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/235305"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=235304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=235304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=235304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}