The PGA Tour has added two independent directors to its policy board.
The Tour announced Wednesday the additions of former Citigroup CEO Mike Corbat and AutoZone executive chairman Bill Rhodes, who will join current independent directors Joe Gorder, Ed Herlihy and Mary Meeker.
“As the PGA Tour continues to evolve, our partnership with our players and commitment to fans remains unwavering. Mike and Bill will play critical roles in helping us further modernize Tour governance, while preserving the player-led focus that has helped define our organization since 1968,” said Gorder, the board’s chairman.
Added Tour commissioner Jay Monahan: “In addition to their substantial professional accomplishments and exceptional leadership qualities, both of our new Independent Directors have a shared passion for the game of golf and the future of the PGA Tour.”
Corbat and Rhodes join the board about nine months after former independent directors Jimmy Dunne and Mark Flaherty resigned six days apart last May.
The Tour’s policy board, which also includes six player directors (termed directors Patrick Cantlay, Peter Malnati, Adam Scott, Webb Simpson and Camilo Villegas, plus permanent director Tiger Woods), is “tasked with directing business strategies, establishing corporate policies and regulations, setting financial objectives and ensuring the financial success of the Tour,” according to the Tour.
Corbat spent 38 years in the financial services industry, including the last nine as Citigroup’s CEO, until his retirement in 2021. He also currently serves as a senior advisor and board member at 26North Partners.
Rhodes joined AutoZone in 1994, and in 2005, at age 39, he was named CEO, becoming the youngest Fortune 500 CEO at the time. He spent 18 years as CEO, before moving into his current role.
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