Billionaire 76ers Owner Josh Harris Announces Departure From Apollo

Billionaire 76ers Owner Josh Harris Announces Departure From Apollo

Following in the footsteps of his onetime Apollo co-founder and Drexel Burnham Lambert alum Leon Black, another member of the firm’s founding cadre, billionaire partner Josh Harris, is leaving the firm, according to a press release published Thursday morning. The statement claims Harris was stepping down to “return to his roots” as an “investor and entrepreneur”, and unlike Black’s abrupt exit (his departure was apparently accelerated after some unsavory allegations came to light)

Like Black, he will continue to serve on the board and the firm’s executive committee, but unlike Black, his departure won’t be immediate: Harris will depart on the day the firm’s planned merger with health-insurance partner Athene closes, which isn’t expected until the end of Q1 2022.

Harris

In the statement, Harris said “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 as well as deepen my commitment to philanthropy and social impact.”

“I have dedicated the past three decades to helping lead and build this incredible company. I leave knowing that our unrivaled and deeply talented global team is in the most capable hands under Marc’s leadership. I am grateful to Marc for his partnership and friendship.”

Apollo CEO Marc Rowan, who founded the firm alongside Harris and Black, said, “Josh has been an amazing partner and it has been my privilege to work side by side with him for nearly 35 years as we helped build the firm into a leading financial services company. I am fortunate to be leading a business with an incredibly strong management team which Josh had a significant role in helping develop. I have no doubt Josh will be incredibly successful in whatever he sets his mind to and will continue to be available to us through his seat on the Board and the Executive Committee.”

Pressure for Harris to depart has been building for some time now due to his connections to Black. But as another member of the firm’s management – and, like Black, a sports franchise owner (Harris is the principal owner of the New Jersey Devils and the Philadelphia 76ers) heads for the exit, one can’t help but wonder if there are any deeper issues – perhaps an Epstein connection? – at play.

Read the rest of the press release below:

Apollo Global Management, Inc. (“Apollo” or “the firm”) (NYSE: APO) today announced that Co-Founder Josh Harris has decided to step down from his day-to-day role at the firm to return to his roots as an investor and entrepreneur. Mr. Harris will continue to serve on Apollo’s Board of Directors and Executive Committee of the Board. The effective date of Mr. Harris’ transition will coincide with Apollo’s combination with Athene (NYSE: ATH) expected to close in the first quarter of 2022.

Mr. Harris will focus on continuing to build his multi-asset-class investing business and HBSE, a sports and entertainment company, as well as growing his family’s foundation.

Apollo CEO Marc Rowan said, “Josh has been an amazing partner and it has been my privilege to work side by side with him for nearly 35 years as we helped build the firm into a leading financial services company. I am fortunate to be leading a business with an incredibly strong management team which Josh had a significant role in helping develop. I have no doubt Josh will be incredibly successful in whatever he sets his mind to and will continue to be available to us through his seat on the Board and the Executive Committee.”

Mr. Harris said in a statement: “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 as well as deepen my commitment to philanthropy and social impact.

“I have dedicated the past three decades to helping lead and build this incredible company. I leave knowing that our unrivaled and deeply talented global team is in the most capable hands under Marc’s leadership. I am grateful to Marc for his partnership and friendship.”

Led by a team of professionals overseen by Co-Presidents Scott Kleinman and James Zelter, Apollo recently reported earnings for the quarter ended March 31, 2021 with assets under management of approximately $461 billion, record fee-related earnings, a 22% appreciation of its funds’ private equity portfolios and efforts further positioning the firm for growth including the scaling of the High Grade Alpha platform and a variety of new initiatives.

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Source: Apollo

Tyler Durden
Thu, 05/20/2021 – 06:34

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