Longtime Golden Boy Promotions chief executive officer Richard Schaefer resigned his position with the company on Monday. Schaefer made the announcement in a statement released by his publicist.
"After more than 10 years with Golden Boy, it is time to move on to the next chapter of my career. This decision has required a great deal of personal reflection, but ultimately I concluded that I have no choice but to leave," Schaefer said. "I have succeeded in banking and I have succeeded in boxing, and I look forward to the next opportunity.
"I am proud to remain a shareholder, so I have a strong interest in the continued success of the company. I am proud of what we have accomplished at Golden Boy, but I now look forward to new challenges."
Schaefer and company namesake Oscar 'The Golden Boy' De La Hoya have been at odds for several weeks following De La Hoya's announcement that he intends to do business with rival promoter Bob Arum.
Golden Boy Promotions and Top Rank, which Arum owns, have not worked together for several years. Schaefer has stated publicly that he will never do business again with Arum.
Schaefer's resignation, however, does not mean he is free and clear of Golden Boy from a business standpoint.
De La Hoya's attorney Bret Fields released a statement Monday, that was published in the Los Angeles Times, proclaiming: "Golden Boy has a written contract with Richard Schaefer that ends March 2018. The company intends to enforce that contract."
Shortly after Schaefer made his intentions known, pound-for-pound king Floyd Mayweather Jr. announced that he too is severing ties with Golden Boy Promotions. Myweather has worked closely with Golden Boy Promotions during the past several years, but he has stated repeatedly the partnership depended greatly on his relationship with Schaefer.
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