Apollo Global Management (NYS:APO) co-founders Leon Black and Josh Harris have been embroiled in a dispute, The Wall Street Journal reported on Monday. Black has charged Harris of plotting his ouster to seek revenge for being passed over as CEO, a claim Harris denies, the newspaper reported. Black's lawyer Susan Estrich said Harris orchestrated a "highly coordinated" campaign to "destroy Mr. Black's professional and personal reputation." In a statement, Harris said the allegations are "absurd." Harris remains a member of the board of Apollo. The allegations by Black surfaced in a court document in a rape and defamation case filed by a woman with whom Black has admitted to having an affair. Black stepped down as chairman and CEO in 2021. Apollo co-founder Marc Rowan is CEO of the firm now. Shares of Apollo are down 9% this year, compared to a drop of 7.7% by the S&P 500.
Jan. 24, 2022, 7:30 a.m. EST