Jack Nicklaus announced that he’s stepping away from the day-to-day commitments of the Nicklaus Companies, following the purchase of GOLF Magazine and Golf.com by his business partner, Howard Milstein.
According to a press release, Nicklaus remains committed to working with the company but is looking to focus more of his time supporting his wife Barbara, and her charitable causes.
“I have spent my life building the Nicklaus Companies, and there has come a time in my life when I need to reduce my level of involvement and pursue many other things I am very interested in, such as charity work—specifically efforts focused on children’s healthcare—supporting the industry’s initiatives to grow this great game, and being involved in many other things outside of my involvement in the Nicklaus Companies,” Jack Nicklaus said.
“I am 78 years old, and while my health is excellent, and I have a great deal of energy and enthusiasm, it became apparent by last fall that it was time for me to spend more time on these other activities.
“I didn’t want to make a big deal out of it, and there is no reason for me to do so, because I will continue to support the Nicklaus Companies and I want the company to be successful. However, my life has changed and I wish to support my wife, as well as other family members, in any endeavor they are involved. I have said many times that Barbara spent much of her life supporting me and my career, and for the last few years, I have tried to dedicate my time and energies to supporting her and what she is involved in.
“I am enjoying that aspect and want to continue to devote my time to her and these other life-changing efforts, and to enjoy our lives together. I would like to thank Howard. He has enabled me to monetize what I have built in this company, take care of my family, and allowed me the time to focus on these other priorities in my life.”
The services offered by the Nicklaus Companies include golf-course design, golf community real estate development, and the licensing of golf products and services.
Nicklaus-branded products have been marketed worldwide since 1962. The Jack Nicklaus and Golden Bear-branded lifestyle collection of products includes: golf academies; ice cream; restaurants; beverages; beverageware; wine; home appliances; apparel; footwear; and golf equipment. Many of these have been introduced in the last decade, as the focus was placed on building the brand.
Meanwhile, Nicklaus Design continues to be recognized as the world leader in golf course design, with 415 courses open for play in 45 countries and 39 U.S states. Jack Nicklaus has designed, co-designed or re-designed over 300 courses around the globe, more than 100 of which have been ranked in various national or international Top-100 lists. He will continue to support the golf course design projects currently under development.
Jack Nicklaus will remain as Co-Chairman of the Nicklaus Companies, while Howard Milstein will assume the role of Executive Chairman. The Nicklaus Family will continue to be the majority owner of the Company, with Emigrant/Milstein being a significant investor, and Jack Nicklaus II and Gary Nicklaus continue to serve as members of the Board. In addition, Jack Nicklaus II, who has active golf course design projects all over the world, including Malaysia and Vietnam, remains President of Nicklaus Design.
“Jack Nicklaus has basically spent a lifetime building a successful company and brand that is viewed as the strongest in golf, and we embrace the opportunity and responsibility to make certain this great brand—one that represents excellence—continues to grow in global prominence,” Milstein, who is Chairman of New York Private Bank & Trust, which operates Emigrant Bank and its private equity arm, Emigrant Capital.
“Jack has also built a company with experienced, talented, innovative and hard-working people, and those colleagues are as much a part of his legacy as the company itself.
“From CEO John Reese to the management team and the entire staff at the Nicklaus Companies, we have enormous confidence in their ability and are positioned so that the next generation of the Nicklaus Companies will build on the strength Jack and his family created, and that Jack will remain very proud of the legacy he has established.
“Jack will ensure that the company and the people behind it continue the success enjoyed to date, and he will be a part of it for many years to come.”
This reorganization comes on the same day that Milstein closed on the purchase of GOLF Magazine and GOLF.com.