The new event is scheduled for September 23-26, the week following the Ryder Cup matches, and will be staged at The Marquess Course at Woburn Golf and Country Club, a site where 16 British Masters have been contested.
'Ken Schofield's significant contribution to the growth of the European Tour and the development of the professional game as a whole has been well documented,' said Alastair J. Johnston, Co-Chief Executive Officer of IMG. 'We are delighted to promote and present The Heritage to mark Ken's retirement, and to provide the many sponsors and partners associated with The European Tour over the past 30 years with an opportunity to support the event.'
Schofield will retire at the end of 2004 and George O'Grady will take over January 1, 2005.
'During my 30 years as Executive Director it has been both the tour's and my own good fortune to enjoy many outstanding partnerships,' said Schofield. 'We look forward to The Heritage taking place at Woburn, where we have played many superb tournaments, on the magnificent Marquess Course.'