Wikipedia

Leon Black

This article is about the businessman. For the basketball coach, see Leon Black (basketball). For the fictional character, see Curb Your Enthusiasm § Main cast.

Leon David Black (born July 31, 1951)[1] 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.[2] Black was the chairman of the Museum of Modern Art from 2018 to 2021.[3][4][5]

Leon Black
Born
Leon David Black

(1951-07-31) July 31, 1951 (age 73)
Alma mater
Occupation(s)Private equity investor and art collector
Known forCo-founder of Apollo Management
SpouseDebra Ressler
Children4
FatherEli M. Black
Family

Early life and education

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Black is a son of Eli M. Black (1921–1975), a Jewish businessman who emigrated from Poland as a child (surname, "Blachowitz") and was the chairman and later majority owner of the United Brands Company. His mother, Shirley Lubell (sister of Tulsa oil executive Benedict I. Lubell) was an artist.[6] In 1975, his father killed himself at age 53.[6][7]

Black received an AB in philosophy and history from Dartmouth College in 1973 and a MBA from Harvard Business School in 1975.[6] He served on the Board of Trustees of Dartmouth College from 2002 to 2011.[8] In 2012, Black gave US$48 million toward a new visual arts center at Dartmouth College.[9]

Career

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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.[3] 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.[10] At Drexel, Black was regarded as "junk bond king" Michael Milken's right-hand man.[11]

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.[12] 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.[13][14][15] 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.[16] Federal judge Paul Engelmayer dismissed the suit for lack of evidence, with an appeals court upholding the decision in 2023.[17][18]

Personal life

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Black is married to Debra Ressler,[19] a 1976 Barnard College graduate and Broadway producer and sister of Ares Management co-founder Antony Ressler.[20][21][22] They have four children.[23] One of their children, Ben, runs an investment fund.[24] Debra Black is a melanoma survivor. In 2007, the couple donated $25 million to form the new Melanoma Research Alliance.[25] Leon and Debra both serve on the board of the organization.[26]

In 2018, he was elected chairman of The Museum of Modern Art (MoMA) in New York City. His term commenced on July 1, 2018.[3][4] 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.[5][27]

Jeffrey Epstein relationship

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In 2019, Black stated that he maintained a "limited relationship" with Jeffrey Epstein.[28]

In 1997, he made Epstein one of the original trustees of what is today the Debra and Leon Black Foundation.[29] 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".[30] The New York Times reported that Black had paid Epstein at least $50 million for such services from 2012 to 2017.[29] 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".[31] 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.[32][33] Black has said that he "deeply regrets" his relationship with Epstein.[34]

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.[35] Using Epstein's tax avoidance strategies, Black claims he saved at least $1.3 billion.[36] Black pledged his intention to donate $200 million to women's initiatives.[37][38] In 2023, Black paid $62.5 million to the U.S. Virgin Islands to be released from claims related to Epstein.[39] In July 2023, the U.S. Senate Finance Committee made public that it is investigating Black's tax strategies and dealings with Epstein.[40]

Sexual misconduct accusations

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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 a consensual affair with her.[41][42] The matter has resulted in lawsuits and countersuits.[43][44] Ganieva further alleged that Black introduced her to convicted sex offender Jeffrey Epstein and tried to force her to have sex with them.[45] Ganieva's lawsuit against Black was dismissed in May 2023.[46]

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.[47] Black denied these claims.[48] 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.[49][50] Black's attorney called the accusations "frivolous and sanctionable".[51] Pierson discontinued her lawsuit against Black in February 2024.[52]

Book publisher

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In 2012, Black acquired Phaidon Press, a fine art books publishing house.[53]

Art collection

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The Scream by Edvard Munch

In May 2012, Black purchased one of the four versions of Edvard Munch's The Scream. He paid $119.9 million for the pastel, then the highest price ever paid for a work of art.[54] In September 2012, the Museum of Modern Art announced the work would be exhibited for a six-month period starting in October.[55]

In June 2013, it was revealed that Black had purchased Head of a Young Apostle, an 11-inch-wide (28 cm) work by Raphael for £29 million after a four-party bidding war.[56]

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.[57] According to a press release from the Sotheby's auction house, the sale was "a new world auction record for any piece of Judaica."[58]

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.[59]

References

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  1. ^ "Bloomberg Billionaires Index – Leon Black". Bloomberg.com. Bloomberg L.P. Retrieved March 23, 2021.
  2. ^ Goldstein, Matthew (March 26, 2021). "Leon Black Leaves Apollo Sooner Than Expected". The New York Times.
  3. ^ a b c Melby, Caleb; Perlberg, Heather (January 16, 2020). "Nobody Makes Money Like Apollo's Ruthless Founder Leon Black". Bloomberg Businessweek. Archived from the original on July 18, 2020. Retrieved July 16, 2020.
  4. ^ a b "The Museum of Modern Art Elects Leon D. Black Chairman of Board of Trustees; Ronnie Heyman is Elected President". press.moma.org (Press release). May 30, 2018. Archived from the original on January 28, 2020. Retrieved July 16, 2020.
  5. ^ a b Greenberger, Alex (March 26, 2021). "Amid Jeffrey Epstein Fallout, Leon Black Will Step Down as MoMA Board Chair". ARTnews.com. Retrieved January 7, 2022.
  6. ^ a b c Creswell, Julie (December 6, 2008). "In Private Equity, the Limits of Apollo's Power". The New York Times. Archived from the original on August 6, 2017. Retrieved February 10, 2017.
  7. ^ St. Petersburg Times: "Violent Death Contradicted Executives' Quiet Life" by Peter T. Kilbourne Archived October 27, 2018, at the Wayback Machine February 19, 1975.
  8. ^ "Trustees Emeriti". Dartmouth College. Archived from the original on October 30, 2013. Retrieved May 24, 2017.
  9. ^ Lattman, Peter (March 29, 2012). "Apollo's Leon Black Donates $48 Million to Dartmouth". The New York Times. Archived from the original on April 5, 2020. Retrieved June 9, 2017.
  10. ^ Leon D. Black '73 Archived November 17, 2007, at the Wayback Machine from Dartmouth College
  11. ^ "King of the Hill". Time. June 24, 2001. Archived from the original on August 8, 2020. Retrieved August 9, 2018.
  12. ^ Pearson, Sophia; Calkins, Laurel (April 16, 2009). "Apollo Founders Must Face Huntsman Suit, Judge Says". Bloomberg News. Retrieved July 16, 2023.
  13. ^ Mangan, Dan (January 25, 2021). "Apollo Global CEO Leon Black paid sex predator Jeffrey Epstein $158 million for financial advice after conviction". CNBC. Retrieved July 16, 2023.
  14. ^ Gottfried, Miriam (March 22, 2021). "Leon Black Steps Down as Apollo Chairman in Unexpected Move". Wall Street Journal. ISSN 0099-9660. Retrieved March 22, 2021.
  15. ^ Safdar, Khadeeja; Benoit, David (September 2, 2023). "Who Are the Names in Jeffrey Epstein's Calendar?". Wall Street Journal. Retrieved September 3, 2023.
  16. ^ Sundar, Sindhu (March 4, 2022). "Josh Harris says former Apollo CEO Leon Black is using his conspiracy lawsuit like a 'press release' to defend his reputation after the PE giant investigated his ties to Jeffrey Epstein". Business Insider. Archived from the original on April 15, 2023. Retrieved April 15, 2023.
  17. ^ Sundar, Sindhu (June 30, 2022). "A federal judge dismissed Leon Black's conspiracy suit against his former business associates and his assault accuser, but didn't sanction his lawyers". Business Insider. Archived from the original on April 15, 2023. Retrieved April 15, 2023.
  18. ^ Van Voris, Bob (March 2, 2023). "Leon Black Loses Bid to Revive Conspiracy Suit Against Apollo Co-Founder Josh Harris". Bloomberg News. Retrieved July 16, 2023.
  19. ^ New York Times: "Paid Notice: Deaths RESSLER, IRA RICHARD" Archived November 7, 2017, at the Wayback Machine October 29, 2000.
  20. ^ Bloomberg: "Leon Black Loses to Carl Icahn as Apollo Sets New Credit Terms" By Anthony Effinger & Cristina Alesci Archived December 28, 2013, at the Wayback Machine July 7, 2010.
  21. ^ "Alumnae in the News Archive". our.barnard.edu. Retrieved June 23, 2021.
  22. ^ Barnard College (September 1999). Barnard. Barnard College. Barnard College.
  23. ^ The 400 Richest Americans #160 Leon Black Archived January 30, 2018, at the Wayback Machine (Forbes, 2006)
  24. ^ Indap, Sujeet; Kruppa, Miles; Fontanella-Khan, James (October 22, 2021). "Financiers find safe space for Milken jamboree at The Beverly Hilton". Financial Times. Retrieved October 24, 2021.
  25. ^ Wall Street Journal: "Melanoma Survivor Seeks Cure" By LAURA LANDRO Archived November 9, 2017, at the Wayback Machine May 3, 2010.
  26. ^ "Board of Directors". Melanoma Research Alliance. Archived from the original on April 13, 2020. Retrieved April 14, 2020.
  27. ^ Pogrebin, Robin; Goldstein, Matthew (March 26, 2021). "Leon Black to Step Down as MoMA Chairman" – via NYTimes.com.
  28. ^ Adler, Dan (October 12, 2020). "Leon Black, Who Reportedly Wired Jeffrey Epstein Millions of Dollars, Says He Regrets "Any Involvement"". Vanity Fair. Archived from the original on October 27, 2020. Retrieved October 23, 2020.
  29. ^ a b Goldstein, Matthew; Eder, Steve; Enrich, David (October 13, 2020). "The Billionaire Who Stood by Jeffrey Epstein". The New York Times. ISSN 0362-4331. Archived from the original on October 13, 2020. Retrieved October 23, 2020.
  30. ^ Primack, Dan (October 12, 2020). "Wall Street billionaire Leon Black to investors: "I deeply regret" Epstein involvement". Axios. Archived from the original on October 15, 2020. Retrieved October 23, 2020.
  31. ^ Basu (Axios), Zach. "Investor Letter". www.documentcloud.org. Archived from the original on October 24, 2020. Retrieved October 23, 2020.
  32. ^ Gottfried, Miriam (October 21, 2020). "WSJ News Exclusive | Apollo Board Panel to Review Leon Black's Ties With Jeffrey Epstein". Wall Street Journal. ISSN 0099-9660. Archived from the original on October 22, 2020. Retrieved October 23, 2020.
  33. ^ Goldstein, Matthew (October 20, 2020). "Apollo Board Will Review Leon Black's Ties to Jeffrey Epstein". The New York Times. ISSN 0362-4331. Archived from the original on October 22, 2020. Retrieved October 23, 2020.
  34. ^ "Leon Black Says 'I Deeply Regret' Involvement With Epstein". Bloomberg.com. October 12, 2020. Archived from the original on October 18, 2020. Retrieved October 23, 2020.
  35. ^ Goldstein, Matthew; Rosman, Katherine (January 25, 2021). "Apollo C.E.O. to Step Down After Firm Finds More Payments to Jeffrey Epstein". The New York Times. ISSN 0362-4331. Retrieved January 26, 2021.
  36. ^ Paulden, Pierre; Steverman, Ben (January 27, 2021). "What billionaire Leon Black got for paying Jeffrey Epstein $US158m". Australian Financial Review. Retrieved March 23, 2021.
  37. ^ Greenberger, Alex (January 25, 2021). "Top Art Collector Leon Black to Depart Investment Firm After Review of Jeffrey Epstein Donations". ARTnews.com. Retrieved June 1, 2022.
  38. ^ Goldstein, Matthew; Rosman, Katherine (January 25, 2021). "Apollo C.E.O. to Step Down After Firm Finds More Payments to Jeffrey Epstein". The New York Times. ISSN 0362-4331. Retrieved June 1, 2022.
  39. ^ Goldstein, Matthew (July 21, 2023). "Leon Black Agreed to Pay $62.5 Million to Settle Epstein-Related Claims". The New York Times. Retrieved July 23, 2023.
  40. ^ Rubin, Richard; Benoit, David (July 25, 2023). "Senate Panel Probes Leon Black's Financial Ties to Epstein, Tax Maneuvers". Wall Street Journal. Retrieved September 3, 2023.
  41. ^ Duffy, Kate (April 9, 2021). "Wall Street billionaire Leon Black denied sexual-harassment allegations made by a former model and said he paid her to keep the 'affair' quiet". Business Insider. Retrieved April 30, 2021.
  42. ^ "Leon Black Admits Paying Woman to Keep Affair Quiet, Denies It Led to Sudden Apollo Exit". Institutional Investor. April 9, 2021. Retrieved April 30, 2021.
  43. ^ Thomas David. "Leon Black's law firm fights disqualification bid in Russian model's case", Reuters (16 Nov 2022).
  44. ^ "Leon Black Sued by Woman Who Alleges Defamation, Sexual Violence". Bloomberg.com. Bloomberg. June 2021.
  45. ^ ""You Have to Let Them Do Whatever They Want": Billionaire Leon Black Flew a Russian Model to Meet Jeffrey Epstein, New Legal Filing Claims". Vanity Fair. August 9, 2021. Retrieved January 19, 2023.
  46. ^ "Billionaire financier Leon Black beats rape lawsuit after prominent #MeToo firm withdraws from accuser's case". Law & Crime. May 25, 2023. Retrieved September 30, 2024.
  47. ^ Gottfried, Miriam; Maremont, Mark (November 28, 2022). "Leon Black Is Accused in Lawsuit of Rape at Home of Jeffrey Epstein". WSJ – via www.wsj.com.
  48. ^ Marif, Ramishaw. "Lawsuit alleges billionaire investor Leon Black raped a woman inside Jeffrey Epstein's home", CNN (28 Nov 2022).
  49. ^ "Lawsuit alleges billionaire Leon Black raped autistic teen at Epstein's townhouse". NBC News. July 26, 2023. Retrieved July 27, 2023.
  50. ^ Morrow, Allison (July 27, 2023). "Billionaire investor Leon Black is accused of raping teen in Jeffrey Epstein's NY townhouse". CNN. Retrieved July 28, 2023.
  51. ^ Da Silva, Chantal (July 26, 2023). "Lawsuit alleges billionaire Leon Black raped autistic teen at Epstein's townhouse". nbcnews.com. NBC Universal. Retrieved July 27, 2023.
  52. ^ Mangan, Dan (February 20, 2024). "Woman drops lawsuit against Leon Black alleging rape at Jeffrey Epstein mansion". CNBC. Retrieved September 30, 2024.
  53. ^ Lattman, Peter (October 9, 2012). "Billionaire Financier Leon Black Buys Art Publisher Phaidon". The New York Times. Archived from the original on February 15, 2018. Retrieved June 9, 2017.
  54. ^ "Munch's "The Scream" Sold to Financier Leon Black". Wall Street Journal. July 11, 2012. Archived from the original on January 4, 2015. Retrieved August 22, 2012.
  55. ^ "Edvard Munch's The Scream to go on show in New York". BBC News. September 18, 2012. Archived from the original on September 19, 2012. Retrieved September 19, 2012.
  56. ^ Sherwin, Adam (June 20, 2013). "New York billionaire Leon Black's bid to take £29m Raphael from UK blocked by Ed Vaizey". The Independent. London. Archived from the original on March 12, 2017. Retrieved September 2, 2017.
  57. ^ "Tablet Magazine". December 22, 2015. Archived from the original on December 23, 2015. Retrieved December 23, 2015.
  58. ^ "Daniel Bomberg's 16th-century printing of the Talmud sells for $9.3 mill". Art Daily. Archived from the original on February 7, 2016. Retrieved February 15, 2016.
  59. ^ Kazakina, Katya (June 15, 2016). "Leon Black Wins Picasso's 'Bust of a Woman' as Legal Drama Ends". Bloomberg. Archived from the original on September 21, 2016. Retrieved June 10, 2017.
General
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