Derek Jeter Resigns As Marlins CEO

The Miami Marlins and CEO Derek Jeter have mutually agreed to part ways, effective immediately, the Hall of Famer announced Monday. The former Yankee legend was baseball’s first—and remains its only—black CEO. He had one year remaining on the five-year contract he signed in 2017.

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. 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.

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.

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Unsubstantiated rumors have swirled that an unwillingness to spend money—and thus compete—was the main reason for Jeter’s departure.

Jeter joined the Marlins as part of Bruce Sherman’s ownership group in 2017, when they purchased the team from Jeffrey Loria for $1.2 billion. Jeter held a 4% stake in the team and earned $5 million per year.

“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,” Sherman said. “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.”

“Derek is a winner on and off the field,” MLB commissioner Rob Manfred said. “In addition to his valuable contributions as a front office executive, Derek was a highly respected voice on our Diversity and Competition Committees. He helped build a talented front office with the Marlins, including moving 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 departure comes at a sensitive time in MLB history, as the ongoing owner-initiated lockout is the second longest in the sport’s history.