Apollo co-founder Josh Harris to step down from non-public fairness agency By Reuters

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© Reuters. FILE PHOTO: Joshua Harris, Co-Founder and a member of the Board of Administrators at Apollo World Administration, LLC, speaks throughout the Milken Institute World Convention in Beverly Hills, California, U.S., Might 1, 2017. REUTERS/Lucy Nicholson

By Chibuike Oguh and Jessica DiNapoli

(Reuters) -Apollo World Administration Inc stated on Thursday co-founder Joshua Harris has determined to step down from his day-to-day position, the newest in a collection of governance adjustments on the non-public fairness agency.

Apollo stated Harris will depart his position when the $11 billion all-stock merger with annuities supplier Athene Holding (NYSE:) Ltd closes within the first quarter of subsequent 12 months. Harris, 56, will retain his seat on Apollo’s board and govt committee, the agency stated.

The transfer comes after Apollo co-founder Leon Black stepped down from all his govt roles on the private-equity agency earlier this 12 months, within the wake of a regulation agency report that exposed he had paid late financier and convicted intercourse offender Jeffrey Epstein $158 million for recommendation on tax and property planning and associated companies between 2012 and 2017. The assessment had cleared Black of any wrongdoing.

In March, Black, who co-founded Apollo 31 years in the past alongside Harris and Marc Rowan, stepped down as the corporate’s chairman, with Jay Clayton, former U.S. Securities and Trade Fee chief, taking on as non-executive chairman. Earlier in January, Black relinquished his publish as chief govt officer to Rowan after the report was printed.

In elevating Rowan to turn into CEO, Apollo handed over Harris, who had been broadly anticipated to take excessive job from Black.

Margaret Brown, a member of the board of the California Public Staff’ Retirement System (CalPERS), stated she’s going to take a wait-and-see method on how Rowan fares as CEO.

“What I’m in search of is stability, honesty and ethics in that management,” Brown stated.

Analysts on Thursday stated Harris’ departure from his day-to-day obligations was anticipated given Rowan’s promotion and won’t impression Apollo’s fundraising of its flagship funds.

“The announcement appears orderly and, primarily based on our conversations with traders, inevitable given the latest promotion of Mr. Marc Rowan to the CEO position,” Citi analysts wrote in a observe. “Past the headline nature of the replace, we don’t assume it’s going to have an effect on PE Fund IX or the upcoming Fund X capital increase.”

Apollo stated Harris will flip his consideration to his investing enterprise, his household’s basis and HBSE, a sports activities and leisure firm he co-founded with David Blitzer, a Blackstone Group (NYSE:) Inc senior managing director. HBSE’s manufacturers embody Nationwide Hockey League’s New Jersey Devils and the Nationwide Basketball Affiliation’s Philadelphia 76ers.

“After practically 31 years at Apollo, it’s time for me to start out the subsequent chapter of my profession, the place I’ll focus full-time on the platforms I’ve created outdoors of the agency,” Harris stated in an announcement on Thursday.

Apollo’s shares have been buying and selling at $56.48, down 0.89% as of 3PM ET on Thursday.

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