Former AT&T CEO Randall Stephenson has resigned from the PGA Tour’s board of directors, citing “serious concerns” about a merger with Saudi-backed rival LIV Golf.
The PGA Tour sent a memo to members on Monday, referring to Stephenson’s “exemplary service” for more than 12 years, ESPN reported.
Stephenson’s decision comes as the U.S. Senate prepares to open an investigation of the merger and hearings on Tuesday. He wrote a scathing letter of resignation, The New York Times reported.
He said the board was left out of discussions about the merger, funded by a Saudi wealth fund.
“I have serious concerns with how this framework agreement came to fruition without board oversight,” Stephenson wrote, according to the newspaper.
Stephenson, who was CEO of Dallas-based AT&T for 13 years (2007-2020), said he could not support the deal, citing a U.S. intelligence report on Jamal Khashoggi, who allegedly was captured and killed by the Saudis in 2018.
PGA Commissioner Jay Monahan returned from medical leave on Friday. Stephenson’s resignation letter was dated Saturday, The New York Times reported.
“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,” the newspaper quoted Stephenson as writing.
The PGA board consists of 10 members, including five players, ESPN reported. Stephenson said he intended to resign this month, regardless of the PGA’s deal with LIV Golf.
Meanwhile, LIV Golf announced its season-ending championship will be played at Trump National Doral golf club in Miami. The $50 million team championship will be played Oct. 20-22.
“We’re thrilled to return to the Blue Monster at Doral to celebrate a historic year and crown the 2023 LIV Golf League team champion,” LIV Golf CEO and Commissioner Greg Norman said in a statement on Monday, according to ABC News.
“The team concept has come to life this year in exciting new ways as our players and fans embrace the launch of team golf. We’re building up for an action-packed weekend with headline entertainment that will put an exclamation point on another can’t-miss LIV Golf event.”
