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Jack Nicklaus announced Thursday that he has decided to "step away" from day-to-day duties as head of Nicklaus Companies, with Howard Milstein assuming the role of executive chairman.
Nicklaus, 78, explained in a statement that he now plans to devote more of his time to charitable projects tied to children's healthcare as well as industry initiatives designed to grow the game.
"While my health is excellent, and I have a great deal of energy and enthusiasm, it became apparent by last fall that it was time for me to spend more time on these other activities," Nicklaus said.