Theodore J. “Ted” Forstmann, chairman and chief executive officer of IMG Worldwide, died Sunday after a battle with brain cancer, the company announced.
Forstmann, 71, had been chairman and CEO of IMG since acquiring the company in 2004.
IMG, founded by the late Mark McCormack, whose first client was Arnold Palmer, is heavily involved in athlete management. Its golf clients include No. 1-ranked Luke Donald. Tiger Woods was a longtime IMG client until this year. IMG also created the Official World Golf Ranking.
Prior to acquiring IMG, Forstmann was head of Forstmann Little & Co., an investment firm he founded in 1978 with his brother Nick Forstmann and close friend Brian Little.
Forstmann graduated from Yale University and received his law degree from Columbia University. He received honorary doctorate degrees from Pepperdine University and Siena College.
He is survived by his two sons, Siya and Everest; brothers Anthony and John, and sisters Marina Forstmann Day and Elissa Forstmann Moran.