UNDERSTANDING: Derek Jeter, 47, is stepping down as CEO of Marlins and has announced plans to sell his $ 4 million club stake, saying the future of the franchise is “not” what it is. presented when he took office in 2017
Baseball Hall of Fame Derek Jeter has announced that he is stepping down as Miami Marlins CEO and will sell his stake in the team due to differing visions for the club’s future.
Jeter, 47, has been the team’s chief financial officer since 2017 and has seen significant pay cuts and the hiring of general manager Kim Ng, the first woman to hold the title in one of the four major US sports leagues.
“I am announcing today that Miami Marlins and I are officially ending our relationship and will no longer serve as CEO or shareholder in the club,” Jeter said in a statement.
Jeter owned about 4 percent of the team, according to Sporticowhich estimates Marlins at a low $ 1.12 billion for MLB, making the outgoing CEO’s shares worth about $ 45 million. Jeter reportedly paid $ 25 million for his stake in 2017, earning about $ 20 million in five years.
Baseball Hall of Fame Derek Jeter announces he is stepping down as Miami Marlins CEO and will sell his stake in the team due to differing visions for the club’s future
“Five years ago, we had a vision to turn the Marlins franchise over, and as CEO, I was proud to put my name and reputation on the line to make our plan a reality. Through hard work, trust and accountability, we have transformed every aspect of the franchise, reshaping the workforce and developing a long-term strategic plan for success. ‘
Jeter, a 14-time all-star champion and five-time World Series champion with the New York Yankees, explained his decision by hinting at internal differences between him and the Marlins front office.
“Having said that, the vision for the future of the franchise is different from the one I signed up to lead,” Jeter wrote. “Now is the time to retire as a new season begins.
“My family and I would like to thank our amazing staff, Marlins fans, Marlins players and the larger Miami community for welcoming us with open arms and making us feel at home. The organization is stronger today than it was five years ago, and I am grateful and grateful to have been part of this team.
Commissioner Rob Manfred responded to Jeter’s statement with his own statement:
“On behalf of Major League Baseball, I thank Derek for his service to the Marlins, the Miami community and the game. Derek is a winner on and off the field. In addition to his valuable contributions as executive director of the front office, Derek was a highly respected voice on our diversity and competition committees.
“He helped build a talented front office with Marlins, including moving the game forward by hiring women to lead baseball operations and the club’s executive leadership, as well as a foundation that positions Marlins for long-term success. Derek is a pillar of our game and we look forward to his future contribution to baseball.
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