SBD/Closing Bell

Mark Steinberg Met With Ted Forstmann Prior To Leaving IMG

IMG Chair & CEO Ted Forstmann met with recently departed IMG Global Golf Division Head Mark Steinberg late afternoon yesterday in Forstmann’s office at IMG for 30 minutes, several hours before the company issued a press release announcing the re-organization of the division, sources said. The purpose of the meeting was to discuss Steinberg’s future at the company, sources said. Steinberg had signed a two-and-a-half-year deal to remain at IMG in late ‘08, but that deal was set to expire on June 30. Also, under the terms of that deal, Steinberg could not speak to any new potential employers or business partners until June 1.

Forstmann and Steinberg, who do not have a close relationship, were the only two people in the meeting and the door was closed, a source said. The meeting between Forstmann, who is battling brain cancer and the effects of radiation and chemotherapy treatment, and Steinberg was business-like, said the source. “There was no ugliness, no screaming,” this source said. Several hours after the meeting, IMG issued a release naming Guy Kinnings and Robbie Henchman as the new co-heads of IMG Golf.

Steinberg today responded to text messages seeking comment about his situation, but he declined to comment at this time.
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