Richard Schaefer has announced his resignation from Golden Boy Promotions, leaving his post as the promotion company's long-time CEO.
The announcement was made Monday, which ironically came six days before his partner and former boxing superstar Oscar De La Hoya's induction to the International Boxing Hall of Fame.
Richard Schaefer's ties with Golden Boy has spanned for almost 12 years. The former Swiss banker handled the promotion company's day-to-day business, and has been responsible for a number of its biggest successes, including the Floyd Mayweather-Oscar De La Hoya fight in 2007. The bout, which to this day, is considered as one of the biggest-selling boxing pay-per-view events in history. It generated a record of almost $2.5 million buys.
But after more than a decade with Golden Boy, Richard Schaefer has decided to resign from his post, noting that it was a well-thought decision.
"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 report by ESPN.com. "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," he continued.
No further details were put out for public consumption, and Richard Schaefer opts to keep it that way for the time being.
"When the time comes I will communicate what I am going to do," he added. "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."
The former executive however, is not completely severing his ties with the boxing promotion giant. Richard Schaefer will be keeping his shares of Golden Boy Promotions, and has no immediate plans of leaving the boxing business any time soon.
"What I will do is reflect on all of this, but I believe one way or the other I will be involved in boxing," he said. "But I'm not going to talk about what I'm going to do or when I'm going to do it."
