End of an Era, as Jack Nicklaus steps away from the running of Nicklaus Companies.

by Darius Oliver

Multiple sources this week have reported on news of 78-year old golfing legend Jack Nicklaus stepping away from the daily operation of his various Nicklaus companies.

The Jack Nicklaus company was started back in the 1960s, during the rise of the Golden Bear. Diversifying from clothing and golf course design, to areas as diverse as golf balls, wine, ice-cream, footwear, drinks and restaurants the company grew in reach and prominence with the golfing icon in charge.

According to GolfWeek Magazine, Nicklaus sold 49 percent of his company to Howard Millstein in 2007 for a cool $145 million. Millstein remains heavily involved in the running of the company, and will likely take on a larger role with Nicklaus stepping back. So too will Jack Jr, currently the President of Nicklaus Design. A statement from Nicklaus Design confirmed that Jack senior would remain active on current design projects designated as ‘Jack Nicklaus Signature Courses’. It seems that Nicklaus courses moving forward, however, will be overseen by Jack II or his other son Gary Nicklaus.

The statement from the Nicklaus Company included the following from Jack Nicklaus:

“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.

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.”

 

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