Jack Nicklaus’ name is iconic and he’s turned the companies that use it into multi-million dollar endeavors.
Even before his playing days were over, Jack headed up the fledgling businesses, which have now come to include a golf course design firm, an ice cream company and a beverage line. Late last week, at age 78, Nicklaus announced he would be stepping down from his day-to-day duties.
— Golfweek (@golfweek) February 8, 2018
Jack Nicklaus stepped down from day-to-day operations within his Nicklaus Companies on Thursday, announcing in a statement that he wants to focus on other things.
The 78-year-old Nicklaus will become co-chairman, while his businesses — which include golf course design and licensing deals, among others — will be taken over by Nicklaus Companies investor Howard Milstein, who will become executive chairman of the company.
“I have spent my life building 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 interested in such as charity work,” said Nicklaus, who added that he is in “excellent” health.
Jack Nicklaus stepping back from day-to-day operation of his Nicklaus Companies, investor Howard Milstein — who acquired Golf Magazine yesterday — will take over as executive chairman. pic.twitter.com/Q8K0tv984E
— Darren Rovell (@darrenrovell) February 8, 2018
Nicklaus has designed 415 courses open for play across 45 countries and 39 states.
Golf Digest estimated that Nicklaus made $20 million in 2016, their last estimated year.
Milstein, a billionaire banker, bought 49 percent of Nicklaus Companies for $145 million in 2007. Since that investment, Milstein has pushed Nicklaus to use his brand name outside of golf, including on an ice cream and beverage line.
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