Josh Harris, one of the co-founders of US private equity group Apollo Global Management, will step down from day-to-day involvement in the firm after it merges with its insurance affiliate Athene, the company said on Thursday.
Harris is part of the triumvirate that has dominated Apollo for two decades, alongside Leon Black and Marc Rowan. He will remain on its board and executive committee after the move.
Harris will “return to his roots as an investor and entrepreneur”, Apollo said in a statement.
The move is due to take effect in early 2022 when the Athene deal, which will transform Apollo into a $30bn financial conglomerate, is set to close.
Leon Black agreed to step down as Apollo’s chief executive in January, after a report by the law firm Dechert found he had paid $158m to the late paedophile Jeffrey Epstein over a five-year period ending in 2017.
Rowan, the third member of the ruling trio, was appointed to replace Black as chief executive.