Who Is Mark Flaherty? Newly-Resigned PGA Tour Independent Director’s Life Outside Golf Explored

Ever since the June 6, 2023 announcement wherein Jay Monahan announced the $3 billion merger with PIF, things have been hard for the PGA Tour. Especially inside the board room! Firstly, it was Rory McIlroy who stepped down from his post as a Player Director, and after him, the trend of resignation from the board followed. He recently wanted to come back to the board but could not because some people were uncomfortable. The merger was set to be finalized by December 31st, 2023 but it has not reached its end so far. The delay, and not having access to the information and decision is making people on board impatient.

Just a few days before, the architect of the PGA Tour and PIF negotiation, Jimmy Dunes left the policy board stating, “Since the players now outnumber the independent directors on the board and no meaningful progress has been made towards a transaction with the PIF I feel like my vote and my role is utterly superfluous.” Now, another big name from the board of directors has resigned probably because of the same agony. This time it’s Mark A. Flaherty. Let us get to know why he resigned, and all he does in his life away from the greens.

A look into Mark Flaherty’s resignation statement

The PGA Tour announced this on Sunday, just a couple of hours after the conclusion of the 2024 PGA Championship. The Tour released Flaherty’s statement, in which he said, “Fellow Directors, I am writing to inform you of my decision to resign from the PGA TOUR Policy Board, effective immediately. “It’s been an honor and a privilege to serve on the policy board for the past 4 ½ years. Golf has always been a significant part of my life. Being able to blend my passion for the sport with the intricate workings and growth of the PGA Tour has been a truly rewarding experience.”

In his statement, Flaherty also praised Commissioner Jay Monahan and Chairman Ed Herlihy for their leadership roles in successful businesses and agendas. As he puts it, “It is one that consistently prioritizes our fans, players, title sponsors, media, tournaments, marketing partners, and volunteers.” He concluded his farewell statement by stating, “Thank you to everyone for their support throughout my tenure on the Policy Board. Warm regards, Mark Flaherty.” 

Golf has been a very significant part of his life. Apart from his managerial role on the PGA Tour, he has a passion for and keen interest in playing golf as well. In his free time, obviously. Flaherty does so much more than just being a director on PGA Tour Plocy Board. Let us dive deeper to find out.

Mark Flaherty’s present life beyond golf 

Currently, Mark Flaherty holds an independent director position within Goldman Sachs, where he has been serving since 2014. He is one of twelve members on the board of directors. At present, the market capitalization of Goldman Sachs Group is 150.82 billion USD. This board, led by Chairman and Chief Executive Officer David Solomon, oversees the strategic direction and governance of the company.

His primary function in the committee is to assist the board in its oversight of the company’s overall risk-taking tolerance. Which includes market, credit, and liquidity risks. Company’s management of financials and operations, its decisions on the appointment, retention, or termination of the company’s independent auditors, and to approval of other tax-related services.

To be in one of the world’s leading global investment banking, securities, and investment management firms surely requires extensive knowledge and experience in the financial industry. Well, he has got it all, with his experience spanning over two decades. Coming over to: from where and when he bagged this knowledge and experience for the same.

Success path for the 64-year-old

Mark Flaherty completed his graduation from Providence College, Rhode Island, in the School of Business program. His understanding of business risks and governance led him to Aetna, a diversified and prominent healthcare benefit company. He excelled as the director of equity trading from 1987 to 1991. This foundational experience laid the groundwork for his subsequent endeavors.

He then transitioned to Standish, Ayer, and Wood in 1991. It was an investment management company based in Boston. There, he served in pivotal roles such as Director of Equity Trading (1991–1999), Partner (1994–1999), and Executive Committee Member (1997–1999) until 1999. Later in 2001, Mellon Financial Corporation, an investment firm, agreed to terms for the purchase of Standish, Ayer & Wood.

In 2001, he joined Wellington Management Company. At Wellington, he held esteemed positions, including vice chairman (2011–2012), partner-cum-senior vice president (2001–2012), and director of global investment services (2002–2012). The corporate pioneer, after an impressive career spanning over twenty years, finally retired from the investment firm in 2012. 

Mark’s influential role after his retirement

Outside of the corporate world, Mark is committed to education and community service. He currently serves as a member of the boards of trustees for Providence College and The Newman School. This dedication underscores his approach to giving back to society and nurturing future generations.

Mark A. Flaherty’s resignation from the PGA Tour policy board marks a significant departure after four and a half years of service. Will the PGA Tour miss his influential presence in governance decisions and strategic direction? His departure leaves a notable void in the board’s leadership landscape.