Last June, the PGA Tour named Brian Rolapp the circuit’s first chief executive officer, a transformational hire as the association transitioned to a for-profit model. On Friday, the Tour announced one of the architects of that new model is stepping down.
Jay Madara, the Tour’s chief financial officer, will retire at the end of March.
“Jay has been an instrumental leader during a period of significant change for the PGA Tour, and his financial stewardship helped position our organization for long-term growth,” Rolapp said in a statement. “We are grateful for his contributions and service and wish him and his family all the best in retirement.”
Madara, who joined the circuit in 2021, helped lead the Tour’s move to a for-profit model with the establishment of PGA Tour Enterprises which led to an initial $1.5 billion investment from the private equity group Strategic Sports Group. He was also instrumental in the creation of the Tour’s Player Equity Program, a first-of-its-kind move in sports that grants ownership to players.
Global consulting firm Korn Ferry will lead the search for a new chief financial officer.