Leon Black Hangs On

摘要

In the end it was two against one-the ultimate power play by Leon Black, one of Wall Street's ultimate power players. After months of ugly headlines about his business dealings with notorious sex offender Jeffrey Epstein, Black orchestrated a plan to remove the stain from Apollo Global Management Inc.-without completely letting go of the private equity firm he built. Black and one of his lieutenants, Marc Rowan, joined forces against the partner they viewed as the wrong pick for the Apollo throne. Rowan would get the keys to the kingdom, while his colleague and rival, Joshua Harris, would gain nothing. Insiders described the drama on the condition they not be named. On Jan. 25 the board disclosed that Black had paid $158 million for Epstein's advice. Still, the iconic dealmaker will remain chairman, while his preferred partner replaces him as chief executive officer.