Leon Black
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| Leon Black | |
|---|---|
| Name | Leon Black |
| Birth date | 31 July 1951 |
| Birth place | Queens, New York City, New York, U.S. |
| Education | Dartmouth College (BA), Harvard Business School (MBA) |
| Occupation | Businessperson, Investor |
| Known for | Co-founding Apollo Global Management |
| Spouse | Debra Black |
Leon Black is an American businessperson and investor, best known as a co-founder of the prominent private equity firm Apollo Global Management. His career in high-yield debt and leveraged buyouts made him a central figure in Wall Street finance, leading to a significant personal fortune. Black has also been a notable philanthropist, particularly in the arts and medicine, though his legacy has been impacted by controversies related to his professional associations.
Early Life and Education
He was born in Queens, a borough of New York City, to a family with a background in business; his father, Eli Black, was the chairman of the United Brands Company. After his father's death, he attended Dartmouth College, where he earned a Bachelor of Arts degree in philosophy and graduated magna cum laude. He subsequently pursued a Master of Business Administration from Harvard Business School, graduating in 1975, which prepared him for a career in investment banking.
Career
He began his professional career at the investment bank Drexel Burnham Lambert, working under the influential financier Michael Milken in the high-yield debt department. Following the collapse of Drexel Burnham Lambert, he, along with colleagues Joshua Harris and Marc Rowan, founded Apollo Global Management in 1990. Under his leadership as CEO and Chairman, Apollo Global Management grew into one of the world's largest alternative investment managers, executing major deals such as the acquisition of Harrah's Entertainment and LyondellBasell. He served as CEO until 2021 and as Chairman until March 2021, when he stepped down following an internal review of his ties to Jeffrey Epstein.
Philanthropy
Through the Leon Black Family Foundation, he and his wife have been major donors, with contributions exceeding $500 million to various institutions. Significant beneficiaries include the Metropolitan Museum of Art, where he served as Chairman of the Board of Trustees, and the Memorial Sloan Kettering Cancer Center, where he also chaired the Board of Trustees. Other major recipients include Dartmouth College, the Museum of Modern Art, the American Museum of Natural History, and the Temple of Dendur at the Metropolitan Museum of Art.
Personal Life
He is married to Debra Black, a co-founder of the Skin Cancer Foundation, and they have four children. The family maintains residences in New York City and has been active in the city's social and cultural circles. An avid art collector, his personal collection includes works by masters such as Vincent van Gogh, Pablo Picasso, and Edgar Degas.
Controversies
His professional reputation faced significant scrutiny due to his financial relationship with the convicted sex offender Jeffrey Epstein. An independent review by the law firm Dechert LLP found he had paid Jeffrey Epstein $158 million for tax and estate planning services between 2012 and 2017. This association led to his resignation as Chairman of the Museum of Modern Art's Board of Trustees and his eventual departure from Apollo Global Management. He has also been involved in legal disputes, including a lawsuit with the Guernsey-based trust of a former Russian senator, and faced allegations during the #MeToo movement related to his association with Leslie H. Wexner.
Category:American businesspeople Category:American philanthropists Category:1951 births