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Derek Jeter is stepping down as chief executive of the Miami Marlins and selling his stake in the Major League Baseball franchise, the Hall of Famer announced Monday.
In a statement announcing the move, Jeter, 47, said the “vision for the future of the franchise is different than the one I signed up to lead,” when he took over the Marlins.
“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.”
Jeter, the New York Yankees icon, took over the team’s top C-suite role in 2017. 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.
The Marlins are worth $990 million, according to Forbes.
Marlins chairman and principal owner Bruce Sherman said the club would work as a committee to run business and baseball operations while searching for Jeter’s replacement.
Sherman also said the team 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 news came on a big deadline day for MLB. Owners gave the players union until Monday to agree to a new labor deal, or Opening Day and potentially other games would be canceled.
This is breaking news. Please check back for updates.