JACKSONVILLE, Fla. (AP) Tim Finchem is stepping down after more than two decades as the PGA Tour commissioner.
The tour's board of directors accepted his resignation Monday at a quarterly meeting and approved Jay Monahan as his replacement.
Neither development was a surprise. Finchem, who took over as commissioner in 1994, had indicated he would not seek another contract extension and he appointed Monahan as his deputy commissioner more than two years ago.
Finchem was only the third commissioner since the tour broke away from the PGA of America in 1969. During his 22 years, total prize money has grown from $52.4 million in 1994 to nearly $300 million this season, which doesn't include the four majors.
Finchem also kept the tour fully sponsored through the economic downturn while Tiger Woods was sidelined.
