Derek Jeter won’t be with the Miami Marlins regardless of when the 2022 regular season starts.
Jeter announced Monday he will be stepping down as CEO of the Marlins after serving at the helm for the last four seasons. The Baseball Hall of Famer has sold his 4% equity stake acquired when he joined as a limited partner in the ownership group led by businessman Bruce Sherman.
The Marlins went 218-327 over four seasons during Jeter’s tenure as CEO.
“I will no longer serve as CEO nor as a shareholder in the club,” the former New York Yankees star said in a statement. “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.
“That said, the vision for the future of the franchise is different than the one I signed up to lead. Now is the right time for me to step aside as a new season begins.”
Jeter’s 4% stake is worth roughly $45 million, with the Marlins valued at $1.12 billion, according to Sportico’s latest MLB valuations. It’s unclear at this time who purchased Jeter’s limited stake in the team, whether it was an outside investor or if controlling owner Sherman bought it. Sherman, the co-founder of Private Capital Management, bought the Marlins from Jeffery Loria in September 2017.
“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 a statement. “The ownership group is committed to keep investing in the future of the franchise—and we are determined to build a team that will return to the postseason and excite Marlins fans and the local community.”
Jeter’s departure comes as the MLB owners and the players union continue negotiations on a new collective bargaining agreement. MLB had set today as the deadline for an agreement to avoid delaying Opening Day games. The Marlins are scheduled to host the Atlanta Braves on March 31.