Waugh was the CEO of Deutsche Bank Americas when he joined
the PGA of America board as an independent director and then was hired to lead
the 30,000-plus members in 2018.
His contract was up for renewal on June 30, and Waugh
decided not to renew.
“It feels like the right time, not only personally but
professionally,” Waugh said. “We’ve accomplished an awful lot in the six years.
The game has never been in better shape. Participation is at an all-time high.
It’s growing in all the ways we hoped it would.
“The fastest growth is women and people of color. We try to
make the game look like the rest of the world, and maybe have the world behave
more like our game.”
Waugh will stay on with the PGA of America in a senior
advisory role. He will be at the British Open and Paris Olympics and plans to
be part of the Ryder Cup next year at Bethpage Black.
The PGA of America said It has begun a search for CEO
including candidates from inside and outside the association. Kerry Haigh, the
chief championships officer and a key executive since 1989, will be interim CEO
but will not be a candidate.
“We are grateful for Seth’s leadership and for all that he
accomplished for our members, our game, the business and our people,” PGA of
America President John Lindert said. “He skillfully led us through incredibly
challenging times and was always a great partner. We are fortunate to be able
to call on him going forward for his always helpful advice and counsel.”
Waugh’s involvement in golf dates back longer than his time
with the PGA of America. He was behind bringing a PGA Tour event to the TPC
Boston in 2003 — PGA Tour Commissioner Jay Monahan was the first tournament
director of the Deutsche Bank Championship — and he has been a key voice in
business and golf along the way.
“Seth’s voice on important issues has been steady and
stellar as the golf world has gone through unprecedented change during his
tenure,” Masters chairman Fred Ridley said.
Among his chief goals when he became CEO was supporting the
professionals that spend long hours teaching the game. That includes a deferred
compensation retirement plan for PGA of America members.
“The first time in 110 years anyone figured that out. I
borrowed from my own background to help with that,” Waugh said. “But our
membership satisfaction is at an all-time high.”
He said the average salary for a professional has exceeded
$100,000 for the first time, and membership has surpassed 30,000, another
benchmark.
Waugh had been been dropping hints since April that he was
nearing the end. He signed up for a four-year term as CEO — he compared four
years to a college or presidential term — and felt that would be enough time to
make changes. He agreed to two more years in 2022 after golf made it through
the COVID-19 pandemic with spikes in participation.
Most notably to Waugh was the age of those playing.
“We’re not declaring victory by any means, but the greatest
statistic is 48% of all golfers are under the age of 35,” he said. “That’s
generational growth, people from 25 playing until they’re 75, as opposed to
playing from 65 to 75. It’s such a sea change.
“You realize this generation wants to do things with
purpose, and golf has purpose,” he said. “You’re a teacher, a coach, and you
have a mission to make lives better. The whole premise why I took this job was
I felt I’d never have a chance to have more impact on more lives.”
He had no Immediate plans after his board duties at the
Olympics.
“I have often said that golf is one of the great engines of
good on Earth,” he said. “I am perhaps the biggest all-time beneficiary of that
good and I want to thank the membership, my colleagues, all the various board
members, past presidents, our extraordinary partners, my peers at all the other
golf bodies, as well as everyone who plays and loves our beautiful game for all
the support and friendship during this journey.
“What a gift that has been.” AP