Leon Black
Leon Black | |
|---|---|
| Born | July 31, 1951 United States |
| Occupation(s) | Investor, art collector |
| Known for | Co-founder of Apollo Global Management |
| Spouse | Debra Ressler Black |
| Children | 4 |
Leon David Black (born July 31, 1951) is an American investor specializing in private equity and a notable art collector. He co-established Apollo Global Management in 1990 alongside Marc Rowan and Josh Harris, developing it into one of the leading global alternative asset management firms. Black held the roles of CEO and chairman until his departure in 2021. He holds a Bachelor of Arts degree in philosophy and history from Dartmouth College (1973) and an MBA from Harvard Business School (1975). Black initially gained recognition through his work in leveraged buyouts and investing in distressed assets, having previously led the mergers and acquisitions division at Drexel Burnham Lambert.
In 2021, he resigned from both Apollo and his position as chairman of the Museum of Modern Art (2018–2021) following scrutiny related to $158 million in payments made to Jeffrey Epstein and associated allegations of misconduct. Black is married to Debra Ressler Black, a stage producer, and together they have four children.
Early life and education
Black is the son of Eli M. Black (1921–1975), a Jewish businessman who emigrated from Poland and became chairman and majority shareholder of the United Brands Company. His mother, Shirley Lubell, was an artist and sibling to Tulsa oil executive Benedict I. Lubell. In 1975, his father died by suicide.
He earned an AB degree in philosophy and history from Dartmouth College in 1973, followed by an MBA from Harvard Business School in 1975. Black served on Dartmouth’s Board of Trustees between 2002 and 2011, and in 2012 contributed $48 million toward the construction of a new visual arts center at Dartmouth.
Career
Black began his professional journey as an accountant at Peat Marwick (which later became KPMG) and also worked with the publishing company Boardroom Reports. After being turned down by Lehman Brothers, he joined the investment bank Drexel Burnham Lambert, where he worked from 1977 to 1990. Rising through the ranks, he became managing director, head of Mergers & Acquisitions, and co-head of Corporate Finance. During this period, he was closely linked with "junk bond king" Michael Milken.
In 2009, Black resolved a lawsuit with Huntsman Corporation by paying $60 million related to a failed merger attempt. In 2021, he stepped down as CEO and chairman of Apollo Global Management after reports surfaced that he had paid $158 million to Jeffrey Epstein between 2012 and 2017 for tax and estate planning services.
In 2022, Black initiated a civil Racketeer Influenced and Corrupt Organizations (RICO) lawsuit that named Josh Harris among others, accusing them of attempting to damage his reputation within Apollo following revelations about his Epstein connections. The case was dismissed due to insufficient evidence, a ruling that was upheld on appeal in 2023.
Personal life
Black is married to Debra Ressler, a Barnard College alumna from the class of 1976, Broadway producer, and sister to Antony Ressler, co-founder of Ares Management. The couple has four children. Their son Benjamin Black manages an investment fund and was nominated by President Donald Trump to lead the U.S. International Development Finance Corporation. Debra Black is a melanoma survivor; in 2007, they donated $25 million to create the Melanoma Research Alliance, where both serve on the board.
In 2018, Black was appointed chairman of The Museum of Modern Art (MoMA) in New York City, beginning his tenure on July 1. He resigned on July 1, 2021, amid protests concerning his financial dealings with convicted sex offender Jeffrey Epstein.
Relationship with Jeffrey Epstein
In 2019, Black admitted to having a "limited relationship" with Jeffrey Epstein. Epstein became one of the founding trustees of the Debra and Leon Black Foundation in 1997. In a 2020 communication to Apollo investors, Black revealed that Epstein offered "estate planning, tax, and philanthropic guidance" for his family’s entities. According to The New York Times, Black compensated Epstein with at least $50 million for these services between 2012 and 2017, although Black only confirmed paying "millions of dollars annually."
In October 2020, Black initiated an independent investigation into his connections with Epstein, prompting Apollo to engage the law firm Dechert LLP. Black conveyed his "deep regret" regarding the association. The Dechert report published in January 2021 disclosed that Black paid approximately $158 million to Epstein from 2012 to 2017 for financial advisory services, which enabled Black to save over $1.3 billion in taxes through Epstein’s methods. After the report was released, Black committed $200 million toward women’s programs.
In 2023, Black resolved claims linked to Epstein by agreeing to pay $62.5 million to the U.S. Virgin Islands. Subsequently, in July of that year, the U.S. Senate Finance Committee publicly launched an inquiry into Black’s tax planning and financial transactions involving Epstein.
Allegations of Sexual Misconduct
In March 2021, Guzel Ganieva accused Leon Black of sexual harassment and abuse spanning several years, asserting she was coerced into signing a non-disclosure agreement. Black acknowledged a consensual relationship but denied any harassment allegations. This controversy resulted in multiple lawsuits and counterclaims. Ganieva further alleged that Black introduced her to convicted sex offender Jeffrey Epstein and pressured her into sexual relations with him. Her lawsuit was dismissed in May 2023.
Another accuser, Cheri Pierson, alleged that Black raped her in 2002 at Epstein’s New York residence; Black denied these accusations. In July 2023, a separate lawsuit accused Black of raping a 16-year-old girl with autism and Down syndrome at Epstein’s townhouse in 2002. Black’s legal counsel described these allegations as "frivolous and sanctionable." Pierson withdrew her lawsuit against Black in February 2024.
Publishing Acquisition
Black expanded his business interests by acquiring Phaidon Press, a publisher specializing in fine art books, in 2012.
Art Collection
In May 2012, Black acquired one of the four existing versions of Edvard Munch’s The Scream for $119.9 million, setting a record as the highest price ever paid for a piece of art at that time. The pastel was exhibited at the Museum of Modern Art for six months beginning October 2012.
In June 2013, after an intense bidding contest, Black purchased Head of a Young Apostle, a work by Raphael, for £29 million.
On December 22, 2015, he obtained a complete set of the Daniel Bomberg Babylonian Talmud at auction for $9.3 million, establishing a new world auction record for Judaica.
In June 2016, a legal dispute concerning the Picasso sculpture Bust of a Woman (Marie-Thérèse)—which Black had bought from art dealer Larry Gagosian—was resolved. The settlement confirmed Black’s ownership while providing compensation to Pelham Europe, representing Qatar's royal family.
References
- General
- Deal Maker's Three-Day Total: $37 Billion (New York Times, 2006)
- Billionaire Leon Black Known for Rigorous Negotiations
- Speculation: Leon Black Plans to Publicly List Apollo
- Business Figures; Adopting Tyco’s Perspective (New York Times, 2004)
External links
- Pages with script errors
- Articles with short description
- Articles with hCards
- No local image but image on Wikidata
- 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
- American art collectors
- Jewish art collectors
- American philanthropists
- Living people
- Private equity and venture capital investors