Leon Black, co-founder of private equity firm Apollo Global Management Inc, would not stand for re-election as chairman of the Museum of Modern Art (MoMA), the New York Times reported, citing people with knowledge of the decision.
Black, 69, informed the executive committee of MoMA’s board of his intention at a specially convened remote meeting on Friday, the report said.
Earlier this week, Black stepped down as chairman of Apollo, which he co-founded 31 years ago, months after relinquishing his position as chief executive officer of the company in January following a report by law firm Dechert.
An independent review by Dechert revealed that Black had paid late financier and convicted sex offender Jeffrey Epstein $158 million for advice on tax and estate planning and related services between 2012 and 2017.
Although the review cleared Black of any wrongdoing, a series of corporate governance changes triggered by the review forced Black to step down from his executive positions at Apollo.