On Feb. 28, Derek Jeter, the former CEO of the Miami Marlins, announced his retirement after nearly five unsuccessful years in the franchise. 

In a statement, Jeter said that he would no longer serve as an investor nor a shareholder of the Marlins. 

 Jeter, the Hall of Fame New York Yankees shortstop, joined the Bruce Sherman-led group that purchased the Marlins for $1.2 billion from Jeffrey Loria in 2017. Jeter was given a 4% stake in the purchase — worth roughly $45 million — that he will now have to give up. 

The Marlins have never won a division title in their 29 seasons but managed to win the World Series championships twice, once in 1997 and the other in 2003. Under Jeter’s leadership, the team made one playoff appearance, when the Marlins were 31-29 and won a first-round series against the Chicago Cubs during a season that was shortened due to COVID-19. Full seasons under Jeter ended roughly for the Marlins, going 63-98, 57-105 and 67-95. In Jeter’s four years as chief executive, the Marlins have had the fourth-worst record in baseball history. 

In terms of revenue, the Marlins only brought in $61 million last year, meaning they were ranked 27 out of the 30 teams in the MLB payroll last year. Their attendance has also been the worst in the National Baseball League every year that tickets have been sold since 2013. Jeter said in October 2021 that he was optimistic this would change once the Marlins’ revenue streams improved.

Under Jeter’s leadership, the Marlins were able to secure a naming rights deal with LoanDepot, as well as a new television contract, new uniforms and the hiring of Kim Ng, Major League Baseball’s first female general manager. Despite this, the team lost 95 games in the 2021 season. However, they were able to sign Avisail Garcia to a four-year, $53 million contract, as well as ace right-hander Sandy Alcantra to a five-year, $56 million deal, strengthening the team. 

At this time, Ng will run baseball operations and Chief Operating Officer Caroline O’Connor will manage day-to-day business operations while the team continues to search for a new CEO.