Derek Jeter steps down as Miami Marlins CEO and sells stake

Derek Jeter and Bruce Sherman hold their first press conference as owners of the Miami Marlins on Tuesday, October 3, 2017.

Miami Herald | Tribune News Service | Getty Images

The Hall of Famer announced Monday that Derek Jeter will step down as CEO of the Miami Marlins and sell his stake in the Major League Baseball franchise.

In a statement announcing the move, Jeter, 47, said that “the vision for the future of the franchise differs from that which I co-led” when he took over the Marlins.

“Five years ago we had a vision to transform the Marlins franchise, and as CEO, I was 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 have transformed every aspect of franchising, reshaping the workforce, and creating a long-term strategic plan for success.”

Jeter, an icon for the New York Yankees, took over as the team’s C boss in 2017. The Marlins finished fourth in the Eastern Conference Division last year. Once during Jeter’s tenure, the post-season team made it to a top spot in 2020.

According to Forbes magazine, Marlins has a net worth of $990 million.

The Marlins’ chairman and principal owner, Bruce Sherman, said the club will serve as a commission to manage baseball’s business and operations while searching for a replacement Jeter.

Sherman also said the team is “committed to continuing to invest in the future of the franchise – and we are determined to build a team that will return to the post-season and excite Marlins fans and the local community.”

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The news came on the day of the MLB big deadline. The owners have given the players union until Monday to agree to a new business deal, or opening day and possibly other games will be cancelled.

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