Jay Monahan named fourth PGA Tour commissioner

— -- Jay Monahan will become just the fourth commissioner in PGA Tour history when he takes over for Tim Finchem on Jan. 1.

The move was approved Monday by the PGA Tour's policy board in a meeting at headquarters in Ponte Vedra Beach, Florida, where Monahan's appointment was long expected.

"I am greatly honored by the trust the Policy Board has shown in me to succeed Tim Finchem as commissioner," Monahan said in a statement. "Under Tim's leadership, the PGA Tour has made remarkable progress, even in the most difficult economic times. We are now entering a very important time in our organization's history, and I know our executive team and I will draw upon and be inspired by the invaluable experience of working with Tim as we take advantage of the extraordinary opportunities, as well as face the challenges, that are ahead for the Tour."

Monahan, 46, has an extensive background in golf that includes the past eight years at the PGA Tour. He ran the Deutsche Bank Championship before going to work for the PGA Tour, where he was in charge of the Players Championship. He then became senior vice president of business development in 2010 and chief marketing officer in 2013.

He was named deputy commissioner in 2014, a move that foretold Finchem's succession plan. There had not been such a title at the PGA Tour since Finchem held it in the early 1990s before succeeding Deane Beman as commissioner.

"I've worked with him closely now for a good period of time, and he's absolutely the right guy to deal with all that,'' said Finchem on Sept. 20, when he conducted what was billed as his last news conference at commissioner at the Tour Championship in Atlanta. "He is a total glass-is-half-full individual, and I think you'll see that as we go forward.''

Finchem, 69, took over for Beman on June 1, 1994, and oversaw unprecedented growth in the sport, presiding over huge television rights deals that have seen purses explode. When Finchem became commissioner, total purses were approximately $56 million on the PGA Tour, a number that grew to $256 million by 2006 and well in excess of $300 million now.

It was in March at the Dell-Match Play Championship where Finchem announced he would step down prior to the end of his contract, which had been extended to June 1, 2017. He said then he hoped to remain involved in the First Tee program and the World Golf Foundation.

"For every organization there is a time,'' Finchem said. "I could probably go on another five or six years. But I don't think that is best for the organization. I don't consider myself old. But I'm getting old.''

The PGA Tour as it is now constituted came into existence in 1968, as the players and all club professionals had been under the PGA of America, which today runs the PGA Championship and Ryder Cup among other tournaments in addition to its role with more than 28,000 club pros in the United States.

First called the Tournament Players Division, the name changed to PGA Tour in 1975. Joseph Dey, formerly the United States Golf Association president, was named first commissioner and held the position until 1974, when Beman, a former tour player, took over and held the position for 20 years.