Leon Black

Leon Black
Leon David Black (born July 31, 1951) is an American private equity investor. He is the former CEO of Apollo Global Management, which he co-founded in 1990 with Marc Rowan and Josh Harris. Black was the chairman of the Museum of Modern Art from 2018 to 2021.
Early life and education
Black is a son of Eli M. Black (1921–1975), a Jewish businessman who emigrated from Poland as a child (surname, "Blachowitz") and was known for owning and being chairman of the United Brands Company. His mother, Shirley Lubell (sister of Tulsa oil executive Benedict I. Lubell) was an artist. In 1975, his father committed suicide, jumping out of a window in his 44th floor office in the Pan Am Building in New York City. It was later made public that, at the time, federal regulators were investigating allegations that United Brands was bribing Honduran government officials with Black's authorization to gain a major reduction in banana export taxes paid by the company; United Brands contended that it was a victim of extortion in Honduras.
Black received an AB in philosophy and history from Dartmouth College in 1973 and a MBA from Harvard University in 1975. He served on the Board of Trustees of Dartmouth College from 2002 to 2011. In 2012, Black gave US$48 million toward a new visual arts center at Dartmouth College.
Career
Black started out as an accountant at Peat Marwick (which later became KPMG) and with the publisher Boardroom Reports. He also interviewed at Lehman Brothers but was told he did not have the brains or personality to succeed on Wall Street. From 1977 to 1990, Black was employed by investment bank Drexel Burnham Lambert, where he rose to managing director and head of the Mergers & Acquisitions Group, and co-head of the Corporate Finance Department. At Drexel, Black was regarded as "junk bond king" Michael Milken's right-hand man.
In 2009, Black contributed $60 million in a settlement with Huntsman Corporation after Apollo was sued for backing out of a merger the previous year. In 2021, Black stepped down as CEO and chairman after Dechert LLP, which had been retained several months earlier by Apollo to investigate Black's dealings with Jeffrey Epstein, published a report finding that Black had paid $158 million to Epstein between 2012 and 2017 for advice on taxes and estate planning. In 2022, Black included Josh Harris in a civil Racketeer Influenced and Corrupt Organizations (RICO) lawsuit, alleging that he led a group within Apollo attempting to tarnish his reputation after his ties to Epstein were reported. Federal judge Paul Engelmayer dismissed the suit for lack of evidence, with an appeals court upholding the decision in 2023.
Personal life
Black is married to Debra Ressler, a 1976 Barnard College graduate and Broadway producer and sister of Ares Management co-founder Antony Ressler. They have four children. One of their children, Ben, runs an investment fund. Debra Black is a melanoma survivor. In 2007, the couple donated $25 million to form the new Melanoma Research Alliance. Leon and Debra both serve on the board of the organization.
In 2018, he was elected chairman of The Museum of Modern Art (MoMA) in New York City. His term commenced on July 1, 2018. His term as chairman ended on July 1, 2021, and he did not seek re-election, in the wake of protests from dozens of artists and activists over his financial ties to convicted sex offender Jeffrey Epstein.
Jeffrey Epstein relationship
Black stated initially that he maintained a "limited relationship" with Jeffrey Epstein.
In 1997, he made Epstein one of the original trustees of what is today the Debra and Leon Black Foundation. In his 2020 letter to Apollo investors, Black said that Epstein provided him with "estate planning, tax and philanthropic advice" to his "family partnership and other related family entities". The New York Times reported that Black had paid Epstein at least $50 million for such services from 2012 to 2017. Black did not at the time confirm the $50 million sum reported by The New York Times, but did say that he paid Epstein "millions of dollars annually for his work". In October 2020, Black requested that the Apollo board conduct an independent review of his relationship with Epstein, and it retained the law firm Dechert LLP to do so. Black has said that he "deeply regrets" his relationship with Epstein.
The review conducted by Dechert LLP was released on January 25, 2021. It showed that Black had paid Epstein around $158 million from 2012 through 2017 for financial services. Using Epstein's tax avoidance strategies, Black claims he saved at least $1.3 billion. Black pledged his intention to donate $200 million to women’s initiatives.
In 2023, Black paid $62.5 million to the U.S. Virgin Islands to be released from claims related to Epstein. In July 2023, the U.S. Senate Finance Committee made public that it is investigating Black’s tax strategies and dealings with Epstein.
On July 25, 2023, a lawsuit was filed against Black, alleging that he raped a 16-year-old girl with autism and Down syndrome in Epstein's Manhattan townhouse in 2002.
Sexual misconduct accusations
In March 2021, Guzel Ganieva claimed in a series of tweets that "I was sexually harassed and abused by [Black] for years [and ultimately] forced to sign a non-disclosure agreement under duress". Black stated that he had engaged in what he called a "consensual affair" with her. The matter has resulted in lawsuits and countersuits. Ganieva also claimed that Black also introduced her to convicted sex offender Jeffrey Epstein and tried to force her to have sex with them.
The law firm that represented Ganieva also represented another accuser, Cheri Pierson, who accused Black of raping her in 2002 in Jeffrey Epstein's mansion in New York City. Black denied these claims.
In July 2023, Black had another lawsuit filed against him, by a woman diagnosed with Down syndrome and autism only identified in the complaint as "Jane Doe". Black's attorney called the accusations "frivolous and sanctionable".
Book publisher
In 2012, Black acquired Phaidon Press, a fine art books publishing house.
Art collection
Two months after the May 2012 anonymous purchase of one of four versions of Edvard Munch's The Scream, The Wall Street Journal reported that Black had been the one who had paid $119.9 million for the pastel, the highest price ever paid for a work of art at auction as of that time. In September 2012, the Museum of Modern Art announced the painting would go on view for a six-month period starting in October.
In June 2013, it was revealed that Black had purchased Head of a Young Apostle, an work by Raphael for £29 million after a four-party bidding war.
On December 22, 2015, it was reported that Black purchased at auction a complete set of the Daniel Bomberg Babylonian Talmud for $9.3 million. According to a press release from the Sotheby's auction house, the sale was "a new world auction record for any piece of Judaica."
In June 2016, a lawsuit over the Picasso sculpture Bust of a Woman (Marie-Thérèse) between the advisory firm Pelham Europe and art gallery owner Larry Gagosian was settled. Pelham Europe, an agent for a member of Qatar's royal family, and Gagosian, who had resold the bust to Black, both claimed ownership. The case was settled by Maya Widmaier-Picasso, the owner of the sculpture. The settlement included Black getting the sculpture and Widmaier Picasso paying Pelham an undisclosed amount.
References
General
Deal Maker's 3-Day Tally: $37 Billion (New York Times, 2006)
Billionaire Leon Black a tough negiotiator
Rumor: Leon Black to take Apollo public
Business People; Taking Tyco's View (New York Times, 2004)
External links
Forbes profile
1951 births
20th-century American businesspeople
20th-century American Jews
21st-century American businesspeople
21st-century American Jews
American billionaires
American chief executives of financial services companies
American financial company founders
American investors
American people of Polish-Jewish descent
Apollo Global Management people
Dartmouth College alumni
Drexel Burnham Lambert
Harvard Business School alumni
Jeffrey Epstein
Jewish American art collectors
American philanthropists
Living people
Private equity and venture capital investors