Derek Jeter Steps Down as Marlins’ CEO, Gives Up His Stake

Derek Jeter at the Celebrity Invitational Gala in 2018
Derek Jeter at the Celebrity Invitational Gala in 2018. Photo by Kcr/Shutterstock

The baseball world was hit with some surprising news recently, and they didn’t have anything to do with the ongoing MLB lockout. On Monday, Hall of Fame shortstop Derek Jeter shared a statement in which he announced that he’s stepping down as the CEO of Miami Marlins after five years on the position. Jeter also confirmed he would no longer be a shareholder in the franchise.

Jeter explained his decision by saying that “the vision for the future of the franchise is different than the one I signed up to lead.”

“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,” Jeter concluded.

In response to the news, the Marlins’ principal owner Bruce Sherman said that the organization thanks Jeter “for his many contributions and wish him luck in his future endeavors.” He also added that the ownership is committed to investing in the franchise and “determined to build a team that will return to the postseason and excite Marlins fans and the local community.”

Derek Jeter became a part of the Miami Marlins’ ownership group led by Sherman that purchased the franchise in 2017 for a reported $1.2 billion. Despite having just around a 4% percent stake, Jeter became the face of the group and was responsible for overseeing the day-to-day operations of the team as a CEO.

In four seasons under new ownership, the Marlins had mixed results. They made the playoffs in shortened 2020 MLB season, reaching NL Divisional Series before being swept by Atlanta Braves. However, in each of the three full seasons, Miami lost 95 games or more.