Waugh to step down as CEO of Deutsche Bank

Webb Simpson, right, and CEO of Deutsche Bank Americas Seth Waugh pose with the trophy after the final round of the Deutsche Bank Championship golf tournament at TPC Boston.

Webb Simpson, right, and CEO of Deutsche Bank Americas Seth Waugh pose with the trophy after the final round of the Deutsche Bank Championship golf tournament at TPC Boston.

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Seth Waugh’s decision to step down as CEO of Deutsche Bank Americas may have surprised some friends and associates, but his reason for doing so will not. He wants to spend more time with his wife, Sheila, and son, Clancy, who is a junior in high school and plans to attend Wake Forest in the fall of 2013.

It won’t come as a surprise, either, that the Deutsche Bank Championship, which Waugh has nurtured since it debuted in 2003, will remain close to his heart. “Yes and yes,” Waugh responded when asked via email if the tournament was considered solid for the next few years and whether he would be actively involved in this year’s event, scheduled for its traditional Labor Day (Aug. 31-Sept. 3) slot.

Waugh joined Deutsche Bank in 2000 and became CEO of the Americas in 2002. In 2003 the bank agreed to become title sponsor and return the PGA Tour to New England, which is home to Waugh. He’s been the face of the tournament since then and it has taken on an even greater profile since 2007 when it became the second of four FedEx Cup playoff events. Sources have indicated to Golfweek that the tournament will remain in place for the next four years, though no official announcement has been made.

In his announcement Monday, Waugh said he would remain as CEO through the process to select his successor, after which time he’ll serve Deutsche Bank in an advisory capacity.

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