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Leonard Ellerbe has stepped down as CEO, with former Golden Boy Promotions CEO Richard Schaefer stepping into the role. The announcement, made by Floyd Mayweather Jr. on Thursday, has sent shockwaves through the boxing community.
Mayweather, the undefeated five-division champion and the driving force behind Mayweather Promotions, shared the news via Instagram, extending heartfelt gratitude to Ellerbe for his years of service and leadership. Ellerbe’s departure is effective immediately.
“Mayweather Promotions would like to extend our deepest gratitude to Leonard Ellerbe for his exceptional leadership and unwavering dedication over the years,” Mayweather wrote. “Leonard has been an integral part of our team, contributing to numerous business endeavors that have played a pivotal role in the success of Mayweather Promotions.
“After years of hard work and dedication, Leonard has made the heartfelt decision to step down as CEO to spend more time with his family and loved ones. We have the utmost respect for his decision and are incredibly grateful for his leadership that has helped shape Mayweather Promotions into the thriving organization it is today.”
Ellerbe, a trusted adviser to Mayweather since the early days of his illustrious career, has been the only person to hold the CEO title at Mayweather Promotions. While rumors of his exit had circulated, the official confirmation still came as a surprise. The appointment of Schaefer, a prominent figure in the boxing world, adds an unexpected twist.
Schaefer, who collaborated with Oscar De La Hoya at Golden Boy Promotions from 2000 to 2016, later founded Ringstar Sports and Probellum, with mixed results. Despite this, his past success with Mayweather’s major fights ensures a promising partnership as he steps into his new role.
“Floyd and I have been friends for a long\ time, and we have obviously had great success,” Schaefer told on Thursday. “I was very fortunate to promote many of his biggest fights, breaking pay-per-view records, and there was always a mutual respect between the two of us."
Schaefer lauded Mayweather’s achievements in the ring and emphasized the fighter’s broader influence.
“He’s a global icon, he’s a global brand,” Schaefer said. “He has, like – what? – 30 million Instagram followers. To put that in perspective, that’s twice Tom Brady’s.
That just shows you the kind of reach Floyd has. He really is a brand. And I think there’s a tremendous opportunity to expand that brand within boxing and outside of boxing as well.”
Eager to blend his business expertise with Mayweather’s unparalleled talent-scouting skills, Schaefer is optimistic about the future.
“Floyd can speak with these fighters because he knows the ins, the outs, the ups and downs, the good, the bad and the ugly,” Schaefer said. “I’m going to be spending a lot of time with Floyd, sitting down, going through all of that and putting together the right plan to continue to build these fighters up. He has the best eye for talent."
Schaefer is not just enthusiastic about his new role but also about the overall trajectory of boxing. He envisions potential collaborations, including with Saudi Arabia’s General Entertainment Authority chairman Turki Alalshikh, a major power broker in the sport.