San Diego Padres President and CEO Tom Garfinkel ResignsWednesday, July 10, 2013
Tom Garfinkel, the San Diego Padres president and CEO, resigned from the job and was replaced by Executive Chairman Ron Fowler, who will serve until a permanent replacement is found, the Padres said.
The announcement was made by Peter Seidler, the lead investor of the O’Malley group that acquired the baseball franchise last year from majority owner John Moores. “Both Fowler and Seidler expressed their appreciation for Tom’s many contributions to the Padres over the last four years,” the statement read in part.
Garfinkel came to the Padres in 2009 after Jeff Moorad agreed to buy the team from Moores in a lay-away purchase arrangement. Previously, he was the executive vice president and chief operating officer for the Arizona Diamondbacks, the club that Moorad was chief executive and part owner of before he attempted to buy the Padres.
Last year, before Moorad and a group of investors was to make their final payment on the arranged $500 million acquisition, Major League Baseball owners declined to approve Moorad as the controlling investor. That caused Moores, who owned the club since 1994, to restart the sale process.
In August, the team was acquired by a group headed by Kevin and Brian O’Malley, sons of former Dodgers owner Walter O’Malley, and Peter and Tom Seidler, sons of Walter O’Malley’s daughter. A group of minority investors including Fowler also participated in a deal for a reported price of about $800 million, including an up-front $200 million payment made to the club by Fox Sports San Diego.
Though high, the Padres cost was well below the $2.1 billion paid by a group of investors including Magic Johnson for the Los Angeles Dodgers.
— Mike Allen