Jay Monahan will become just the fourth commissioner in PGA Tour history when he takes over for Tim Finchem on Jan. 1.
The moved was approved Monday by the PGA Tour's policy board at a meeting at headquarters in Ponte Vedra Beach, Fla., where Monahan's appointment was long expected.
"I am greatly honored by the trust the Policy Board has shown in me to succeed Tim Finchem as commissioner," Monahan said in a statement. "Under Tim's leadership, the PGA Tour has made remarkable progress, even in the most difficult economic times. We are now entering a very important time in our organization's history, and I know our executive team and I will draw upon and be inspired by the invaluable experience of working with Tim as we take advantage of the extraordinary opportunities, as well as face the challenges, that are ahead for the Tour.