Barclays chief executive Bob Diamond stepped down on Tuesday as the banking and financial services giant plunged deeper into a scandal that may threaten one of professional golfs most active sponsors.
Barclays is accused of rigging an important interest-rate benchmark, and the company agreed last week to pay $453 million in fines for the violations. Diamond said on Tuesday he was stepping down to protect the company from further damage.
Barclays has been deeply involved in golf sponsorship in recent years. The company has sponsored two events on the European Tour in recent years, although it is no longer involved in next weeks Scottish Open and the first FedEx Cup playoff event on the PGA Tour. The company also has a long running endorsement agreement with Phil Mickelson.
The PGA Tour has no comment on the resignation of Bob Diamond, read a statement from the Tour. As far as the event is concerned, Barclays is committed through 2016, and they have no concerns about the immediate future of the event.