AUSTIN, Texas -- PGA Tour commissioner Tim Finchem said Sunday he will likely step down by the end of 2016 after announcing that his contract has been renewed for an extra year through June 1, 2017.
Jay Monahan, who was named deputy commissioner in 2014, is expected to take over, pending approval by the PGA Tour's policy board.
"For every organization there is a time,'' said Finchem, 68, who began his tenure in 1994 and is just the third commissioner in the PGA Tour's history. "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.''
Finchem told reporters of his plans Sunday morning at Austin Country Club, site of the WGC-Dell Match Play Championship.
Monahan, 47, who this week was also given chief executive officer duties at the tour, is essentially running the day-to-day operations, according to Finchem, who said he wants to complete a few projects before stepping down. Finchem said he plans to stay active through the First Tee program and the World Golf Foundation, in which he now has an active role.
"Jay has been with us for eight years; he is ready,'' said Finchem, who once was an economic adviser during Jimmy Carter's presidency.
At the tour, he served in various roles prior to succeeding Deane Beman as commissioner, including deputy commissioner, vice president of business affairs and chief operating officer.
He has also been in charge during a time of tremendous growth, presiding over huge television rights deals that have seen purses skyrocket. When Finchem took over, total purses were approximately $56 million, a number that grew to $256 million by 2006 and is well in excess of $300 million this year.