February 28, 2022
By Steve Keating
(Reuters) – Derek Jeter has sold his stake in the Miami Marlins and stepped down as the team’s chief executive officer, the Major League Baseball club announced on Monday.
Jeter, who won five World Series titles during a celebrated Hall of Fame career as a player with the New York Yankees, obtained a 4% interest in the team in 2017 and oversaw day-to-day operations.
“The Miami Marlins and Derek Jeter announced today that they have agreed to officially end their relationship,” Marlins chairman Bruce Sherman, who heads up the ownership group, said in a statement on MLB.com. “The Marlins thank Derek for his many contributions and wish him luck in his future endeavours.
“We have a deep bench of talent that will oversee both business and baseball decisions while we work to identify a new CEO to lead our franchise.”
In a statement, Jeter indicated that his reason for leaving was because he was unhappy in the direction the team was taking.
“We had a vision five years ago to turn the Marlins franchise around, and as CEO, I have been proud to put my name and reputation on the line to make our plan a reality,” Jeter said. “Through hard work, trust and accountability, we transformed every aspect of the franchise, reshaping the workforce, and developing a long-term strategic plan for success.
“That said, the vision for the future of the franchise is different than the one I signed up to lead,” he said, adding, “Now is the right time for me to step aside as a new season begins.”
Jeter did not provide details about the team’s plans with which he disagreed.
The Marlins finished in fourth place in the National League East division last year. The team made the postseason once during Jeter’s tenure, a wild card spot in 2020.
MLB commissioner Rob Manfred praised Jeter for his work with the Marlins that included the hiring of Kim Ng as the first female general manager.
“Derek is a winner on and off the field,” said Manfred in a statement. “In addition to his valuable contributions as a front office executive, Derek was a highly respected voice on our Diversity and Competition Committees.
“He helped build a talented front office with the Marlins, including moving the game forward by hiring women in top roles in the club’s baseball operations and executive leadership, and a foundation that has positioned the Marlins for long-term success,” Manfred said.
“Derek is a pillar of our game and we look forward to his future contributions to Baseball.”
(Reporting by Steve Keating in Toronto; Editing by Bill Berkrot)