The PGA Tour elected a new policy board member on Monday during a lengthy board meeting and updated players in a memo sent to players by Tour Commissioner Jay Monahan on the ongoing negotiations with Saudi Arabia’s Public investment fund.
The final PGA Tour Policy Board meeting was held on Monday at Tour headquarters in Ponte Vedra Beach, Florida, and included new board member Tiger Woods.
Monahan noted that an Ad Hoc independent director selection committee was established to fill the seat of Randall Stephenson, who stepped down in June following the announcement of the framework agreement with PIF, and that 90 candidates were vetted for the role of the fifth independent director on the board.
“We’re pleased to announce that upon the Committee’s recommendation and with full approval from the Policy Board, Joe Gorder, Executive Chairman of Valero Energy Corporation, will fill the fifth Independent Director seat,” Monahan wrote in a memo obtained by Golfweek. “Under Joe’s leadership, Valero has been a steadfast supporter of the PGA Tour since 2002 as title sponsor of the Valero Texas Open with the partnership secure through 2028. During that time Valero has generated more than $228 million in total charitable giving, including $23 million in 2023.”
Also of note: Patrick Cantlay was reappointed by the elected Player Directors to serve as the fifth Player Director (2024-26). Ed Herlihy will continue as Policy Board Chairman and Mark Flaherty will serve a second four-year term (2024-27).
Monahan stated that negotiations toward a definitive agreement with PIF and the DP World Tour remained ongoing and a “priority.”
“Progress has been deliberate given the complex nature of the potential agreement, and we will keep you apprised of the progress, with continued input and direction from your Player Directors and player advisor Colin Neville,” he wrote in the memo. “Additionally, as you know, the Framework Agreement with PIF and the DP World Tour generated unsolicited – although not surprising – interest from numerous outside potential investors. The opportunity to potentially participate in the transformative growth of the PGA Tour for the first time brought forth dozens of inbound prospects, which were all initially…