Ex-bank executive Seth Waugh is new CEO at PGA of America
Seth Waugh first became involved in golf when he wanted to make sure Deutsche Bank Americas was getting its money’s worth in sponsoring a PGA Tour event. He gets back into the sport as chief executive of the PGA of America with an ambitious goal of sharing the wealth with the 29,000 club professionals at the heart of the game.
With both business savvy and a passion for golf, Waugh was appointed Tuesday as head of the PGA of America.
“To have a chance to lead what should be the most impactful entity in the game was too big of a privilege to not do,” Waugh said. “The hardest part about the decision wasn’t whether or not this would be a wonderful opportunity to give back as much as it was hard to leave what I was doing. But how do you not do this? It’s the one institution in the game that is truly for the game, that covers it from start to finish.”
Since retiring from Deutsche Bank in 2013, the 60-year-old Waugh was nonexecutive chairman of Alex Brown, and last year became managing director at Silver Lake, a technology investment firm. He also is completing a threeyear term as an independent director at the PGA of America.
Waugh takes over Sept. 24 for Pete Bevacqua, who left to become president of the NBC Sports Group.
Known for his deep Florida tan, wearing sweaters and sockless loafers, and an easygoing demeanor, Waugh steps into a couple of big projects that require immediate attention. The PGA of America is contemplating a move from its headquarters in Palm Beach Gardens, Florida, to the Dallas area. The PGA also is about to start negotiating TV rights for the PGA Championship.
“The business side is great,” Waugh said. “The Ryder Cup is a wonderful thing. The PGA Championship gets better and bigger every year. The fulfilling part is can we figure out how to pass the windfall down to the members — hopefully, economically, if not educationally or programmatically. That’s where the benefits should be, to the PGA professionals. It was and is a noble profession, and it’s harder to pursue because of economics.