The announcement came after Snow, CEO of railroad giant CSX, was nominated by President Bush for the position of Treasury Secretary. White House spokesman Ari Fleisher had previously stated that a membership of that sort was not a disqualifying factor towards the nomination.
Fleisher later announced that Snow was leaving Augusta, which has been under extreme scrutiny for its policy concerning women.
Thomas H. Wyman, former chief executive of CBS, resigned his Augusta membership in November. Despite Wyman's resignation, the response from Augusta National was that the club would not change its stance and that no women would be admitted by the 2003 Masters.