Private equity firm Apollo announced Thursday that co-founder Josh Harris will step down from his day-to-day role at the company, but keep his seat on the board of directors.
Harris is expected to fully step down upon completion of the firm’s deal to buy insurance company Athene, likely to close in the first quarter of 2022, Apollo said.
“After nearly 31 years at Apollo, it is time for me to start the next chapter of my career, where I will focus full-time on the platforms I’ve created outside of the firm as well as deepen my commitment to philanthropy and social impact,” Harris said in a statement.
Harris will focus on growing his family’s foundation and building Harris Blitzer Sports & Entertainment, the sports and entertainment company he founded in 2017 with David Blitzer of private equity firm Blackstone.
Camden, New Jersey-based HBSE owns the Philadelphia 76ers, the New Jersey Devils and other sports and entertainment assets.
The announcement of Harris’ departure comes after Harris was passed 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.