Baseball Hall of Famer Derek Jeter has announced that he is stepping down as Miami Marlins CEO and will sell his stake in the team due to internal differences with the club’s front office.
The 47-year-old Jeter has been the team’s chief financial officer since 2017, and has overseen vast payroll reduction and the hiring of general manager Kim Ng, the first woman to hold the position in any of the four major US sports leagues.
‘Today I am announcing that the Miami Marlins and I are officially ending our relationship and I will no longer serve as CEO nor as a shareholder in the Club,’ read Jeter’s statement.
Jeter owns about 4 percent of the team, according to Sportico, which values the Marlins at an MLB-low $1.12 billion, making the outgoing CEO’s shares worth around $45 million. Jeter reportedly paid $25 million for his stake in 2017.
Baseball Hall of Famer 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 of the club’s future
Jeter, a 14-time All-Star and five-time World Series champion with the Yankees, explained his decision by hinting at internal differences between him and the Marlins’ front office
‘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. 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.’
Jeter, a 14-time All-Star 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.
‘The vision for the future of the franchise is different than the one I signed up to lead,’ Jeter wrote. ‘Now is the right time for me to step aside as a new season begins.
‘My family and I would like to thank our incredible staff, Marlins fans, Marlins players, and the greater 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 thankful and grateful to have been a part of this team.’
CEO Derek Jeter of the Miami Marlins talks with general manager Kim Ng during the seventh inning against the New York Mets at loanDepot park on May 23, 2021 in Miami. Ng, who was hired by Jeter in 2020, is the first woman to serve as GM of a major US sports franchise
Commissioner Rob Manfred responded to Jeter’s announcement with a statement of his own:
‘On behalf of Major League Baseball, I thank Derek for his service to the Marlins, the communities of Miami and the game. Derek is a winner on and off the field. In addition to his valuable contributions as a front office executive, Derek was a highly respected voice on our Diversity and Competition Committees.
The club’s majority owner remains millionaire investor Bruce Sherman (pictured)
‘He helped build a talented front office with the Marlins, including move 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. Derek is a pillar of our game and we look forward to his future contributions to Baseball.’
The Marlins had one playoff appearance during Jeter’s tenure, getting swept by the Atlanta Braves in the divisional round of the 2020 postseason.
The club finished 67-95 last season, which was good enough for just fourth in the National League’s Eastern Division.
Like all Major League clubs, the Marlins have had a quiet offseason amid the ongoing lockout, which team owners voted to impose on the players when the collective-bargaining agreement expired in December.
Jeter’s tenure in Miami might be best remembered for one specific cost-cutting trade in which he sent slugger Giancarlo Stanton to his former club, the Yankees, in exchange for an underwhelming haul of infielder Starlin Castro and minor leaguers Jorge Guzmán and José Devers.
He’ll also be known for his spending, or lack thereof. Jeter’s Marlins were 27th out of 30 MLB teams in payroll at $61 million last season — $210 million short of the top-ranked Los Angeles Dodgers.
The club’s majority owner remains Bruce Sherman, the co-founder of the wealth-management firm Private Capital Management.
‘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,’ Sherman said in another statement released by a public relations firm.
The Miami Marlins finished 67-95 last season, which was good enough for just fourth in the National League’s Eastern Division. In this picture from 2020, Billy the Marlin looks on from the empty stands during a game between Miami and the visiting Atlanta Braves
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