Derek Jeter, the Hall of Fame shortstop brought aboard by new ownership five years ago to revitalize a flagging Miami Marlins franchise, abruptly announced his resignation as the club's chief executive officer Monday morning.
Jeter, 47, joined owner Bruce Sherman's group that purchased the franchise from Jeffrey Loria for $1.2 billion in October 2017, taking a 4% stake in the club and assuming the role of CEO. He quickly pivoted to a rebuild, directing the trade of reigning National League MVP Giancarlo Stanton to the New York Yankees in just two months. Six weeks later, the Marlins traded away eventual NL MVP Christian Yelich, as well.
He also made history in hiring Kim Ng as the first woman and first person of Asian descent as a major league general manager.
Yet the immediate direction of the franchise clouded quickly Monday.
"We had a vision five years ago to turn the Marlins franchise around," Jeter, a four-time World Series champion with the Yankees, said in a statement, "and as CEO, I have been proud to put my name and reputation on the line to make our plan a reality.
"That said, the vision for the future of our 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."
Under Jeter and Sherman's direction, the Marlins lost 98 and 105 games in their first two seasons before a surprise second-place finish in the 60-game, pandemic-shortened 2020 campaign. But the club backslid again in 2021, losing 95 games and finishing 21 1/2 games behind Atlanta in the NL East. With several trusted Yankees lieutenants at his side, such as Ng and scouting and player development director Gary Denbo, the Marlins have accumulated a consensus top five collection of prospects in their farm system.
Less certain, for the moment, is where things went awry between Sherman and Jeter, and what his next step within the game will be. Jeter said he longer holds his 4% interest in the franchise, freeing him to pursue opportunities with other major league clubs.
In 2021, the Marlins' estimated payroll of $58 million ranked 27th among 30 major league teams, and was nearly $100 million less than the next NL East club. Sherman said in a statement that the Marlins "have a deep bench of talent that will oversee both business and baseball decisions while we work to identify a new CEO."
Just before MLB imposed a lockout on Dec. 1, Jeter, Ng and Sherman collaborated to sign outfielder Avisail Garcia to a four-year, $53 million deal and re-sign ace Sandy Alcantara to a five-year, $56 million extension.
"The organization is stronger today than it was five years ago," Jeter said, "and I am thankful and grateful to have been a part of this team."
Said MLB commissioner Rob Manfred: "Derek is a pillar of our game and we look forward to his future contributions to baseball.”
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