Schaefer resigns as Golden Boy CEO

In a move that has been rumored for week, Golden Boy Promotions CEO Richard Schaefer resigned his post after alleged disagreements with Oscar De La Hoya, according to Dan Rafael of espn.com

“After more than 10 years with Golden Boy, it is time to move on to the next chapter of my career,” Schaefer said in a statement. “This decision has required a great deal of personal reflection, but ultimately I concluded that I have no choice but to leave. 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, who served as De La Hoya’s business manager before they founded Golden Boy, said he tendered his resignation to De La Hoya in their Los Angeles office on Monday but did not want to go into details “or make too many further comments on the advice of my attorneys, but I am no longer working for Golden Boy. But I’m not going to discuss what Oscar and me discussed,” he told ESPN.com. “Now I just have to see what I’m going to do next.

“When the time comes I will communicate what I am going to do. I wish it didn’t end like this. I spent a lot of time with this company and I’m very proud of what I have accomplished. There’s nothing to be ashamed about.

“When I left the banking business to go with Oscar I was the No. 1 private banker in the U.S. and I left happy. I moved on to a new challenge. I’m ready for another new challenge.

“What I will do is reflect on all of this, but I believe one way or the other I will be involved in boxing,” Schaefer said. “But I’m not going to talk about what I’m going to do or when I’m going to do it. It’s a big day for me to walk away. I left on my own. I don’t want to talk about it but, obviously, there were issues.”

Monday’s resignation apparently caught De La Hoya by surprise. Just a couple of hours beforehand, De La Hoya did an interview with ESPN.com about his Hall of Fame career and was asked about Schaefer’s future with the company.

“Things are getting worked out, our lawyers are talking,” said De La Hoya, Golden Boy’s majority shareholder. “My orders to my lawyer have been I don’t want Richard to leave. I want him to stay. I don’t know what Richard’s lawyers have been talking to my lawyers about.

“Richard has been the CEO for many years and I don’t want him to go. But Golden Boy is my baby and I’m going to do what’s best for my company.”