Derek Jeter steps down as Miami Marlins CEO, sells stake in the team

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Derek Jeter, along with Bruce Sherman, hold their first press conference as Miami Marlins owners on Tuesday, Oct. 3, 2017.

Miami Herald | Tribune News Service | Getty Images

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.

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