Randall Stephenson has resigned his position on the PGA Tour’s policy board due to “serious concerns” about the circuit’s recent framework agreement with the Public Investment Fund of Saudi Arabia to create a for-profit entity alongside LIV Golf and the DP World Tour.
According to a report in the Washington Post, Stephenson submitted his letter of resignation to the nine other policy board members because the deal “is not one that I can objectively evaluate or in good conscience support, particularly in light of the U.S. intelligence report concerning Jamal Khashoggi in 2018.”
The Post also reported that Stephenson planned to submit his resignation from the board after the agreement was announced on June 12 but waited after Tour commissioner Jay Monahan took leave to deal with a “medical situation.” The Tour announced Friday that Monahan planned to return to work July 17.
“I joined this board 12 years ago to serve the best players in the world and to expand the virtues of sportsmanship instilled through the game of golf,” wrote Stephenson, the longtime chair and chief executive of AT&T.
“I hope, as this board moves forward, it will comprehensively rethink its governance model and keep its options open to evaluate alternative sources of capital beyond the current framework agreement.”
Stephenson’s resignation is an indication of the challenges the Tour faces to make the framework agreement with the PIF a definitive deal. The policy board met last month in Detroit during the Rocket Mortgage Classic to begin work on the definitive agreement.
The Tour’s policy board includes five player directors – Rory McIlroy, Patrick Cantlay, Webb Simpson, Peter Malnati and Charley Hoffman – as well as five independent directors – Ed Herlihy, Jimmy Dunne, Mark Flaherty, Mary Meeker and Stephenson. The PGA of America also has a representative on the board, John Lindert.
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