The Derek Jeter era in Miami is over.
Jeter announced Monday that he will part ways with the Miami Marlins after serving as the team's CEO and part owner since 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," Jeter wrote in a statement on The Players Tribune. "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."
The former New York Yankees shortstop became a minority owner with a four percent stake in the team in 2017, joining Bruce Sherman's ownership group that purchased the organization from Jeff Loria for $1.2 billion. In the four seasons since, the Marlins have gone 218-327, making the playoffs during the pandemic-shortened season in 2020 with a record of 31-29.
ESPN's Buster Olney reported that Jeter's ownership stake in the organization didn't grow as expected due to a divide with Sherman.
"The Miami Marlins and Derek Jeter announced today that they have agreed to officially end their relationship," Sherman said in a statement Monday. "The Marlins thank Derek for his many contributions and wish him luck in all future endeavors.
"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."
While overseeing baseball operations for the Marlins, Jeter became the face of a losing franchise for the first time in his career. During his 20-year playing career with the Yankees, the Hall of Fame shortstop won five World Series and missed the postseason just three times.
Despite the lack of on-field success in Miami, Jeter believes he departs the Marlins with the team in better shape than when he arrived.
"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," Jeter said. "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."