Non-public fairness agency Apollo introduced Thursday that co-founder Josh Harris will step down from his day-to-day function on the firm, however preserve his seat on the board of administrators.
Harris is anticipated to totally step down upon completion of the agency’s deal to purchase insurance coverage firm Athene, prone to shut within the first quarter of 2022, Apollo mentioned.
“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 in addition to deepen my dedication to philanthropy and social affect,” Harris mentioned in a press release.
Harris will concentrate on rising his household’s basis and constructing Harris Blitzer Sports activities & Leisure, the sports activities and leisure firm he based in 2017 with David Blitzer of personal fairness agency Blackstone.
Camden, New Jersey-based HBSE owns the Philadelphia 76ers, the New Jersey Devils and different sports activities and leisure belongings.
The announcement of Harris’ departure comes after Harris was handed over to succeed fellow Apollo co-founder and former CEO Leon Black, who left the firm in March, relinquishing his title as chairman, amid scrutiny over his ties to pedophile financier Jeffrey Epstein.
Marc Rowan, the agency’s third co-founder, was named Black’s successor in January.
“Josh has been a tremendous associate and it has been my privilege to work aspect by aspect with him for practically 35 years as we helped construct the agency into a number one monetary providers firm,” Rowan mentioned in a press release. “I’m lucky to be main a enterprise with an extremely robust administration crew which Josh had a big function in serving to develop.”
Harris’ departure has been speculated on ever since Rowan’s appointment was introduced. Earlier this month, Harris was absent from the agency’s first-quarter earnings name, spurring a query from an analyst.
In response, Rowan referred to as Harris “an lively and productive and senior member of the Apollo crew.”
And the identical day, The Submit reported that Harris was buying a $32 million mansion in Miami in an off-market deal. Whereas Apollo and different monetary corporations are opening workplaces in South Florida, sources advised The Submit on the time that the acquisition was an indication that Harris was already on his approach out at Apollo.
Harris “might be out in six months,” an Apollo insider advised The Submit.