MIAMI – Derek Jeter is leaving the Miami Marlins as CEO and shareholder, saying “the vision for the future of the franchise is different than the one I signed up to lead.”
Jeter released a statement Monday morning announcing his departure after 4½ years. He was heading into the final season of his initial five-year contract with the team.
“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,” he said in the statement. “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 statement pic.twitter.com/2E0cyzbAfv
— Ken Rosenthal (@Ken_Rosenthal) February 28, 2022
Bruce Sherman, the Marlins’ chairman and principal owner, also released a statement saying: “The Miami Marlins and Derek Jeter announced today that they have agreed to officially end their relationship. The Marlins thank Derek for his many contributions and wish him luck in his future endeavors.
“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. 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.”
The Sherman-Jeter group finalized their deal to purchase the Marlins from Jeffrey Loria in the fall of 2017.
CNBC reports that Jeter is selling his stake in the franchise, which the sports business publication Sportico says amounts to about 4% or $44.8 million.
NEWS: Derek Jeter is leaving the @Marlins and selling his equity in the club. He owns about 4% of the team right now. @Sportico valued the club at $1.12 billion, lowest in the league. That make's Jeter's stake worth about $44.8 millionhttps://t.co/CwPMC7Upun
— Eben Novy-Williams (@novy_williams) February 28, 2022
The Marlins went 218-327 during Jeter’s four seasons in the front office, finishing with a winning record only once at 31-29 in the pandemic-shortened 2020 season. In the full seasons under Jeter, the Marlins went 63-98, 57-105 and 67-95.
Miami was 27th among the 30 teams in payroll last year at $61 million.
Jeter, 47, was inducted into the Baseball Hall of Fame in 2020 after a playing career spent entirely with the New York Yankees from 1995-2014, during which he won five World Series rings.
“I thank Derek for his service to the Marlins, the communities of Miami and the game,” MLB Commissioner Rob Manfred said in a statement. “Derek is a winner on and off the field ... a pillar of our game and we look forward to his future contributions to baseball.”