Tepper purchased the Carolina Panthers in May 2018

Hedge fund manager David Tepper had announced plans to shakeup Appaloosa Management in January 2020. But today, he’s shaking up his NFL team, the Carolina Panthers. Tepper has fired the team’s head coach Ron Rivera after a lackluster performance in the 2019 campaign.

“I believe this is the best decision for the long-term success of our team,” Tepper said.

He went on to say that he had a great deal of respect for Ron and the contributions he made to the Panthers and the community.

“I wish him the best. I will immediately begin the search for the next head coach of the Carolina Panthers.”

Hedge Fund Manager David Tepper and Ron Rivera

Tepper purchased the team in May 2018 for $2.275 billion. He had recently announced plans to return money to his investors and transition his fund into a family office. He also domiciled in Florida like many other money managers looking to take advantage of lower tax rates.

Tepper had inherited Rivera’s contract after the purchase. Rivera was Carolina’s fourth coach in team history. He joined the team in 2011. During his stint, he had a 76-61-1 record and appeared in one Super Bowl. The team won the NFC title three times during his tenure. However, this year, the team underperformed, while its star player, quarterback Cam Newton, dealt with a series of injuries that left him on the sideline.

Tepper promised that the franchise would conduct a “comprehensive and thorough review of our football operation” to ensure long-term success.

“Our vision is to find the right mix of old-school discipline and toughness with modern and innovative processes,” he said.  “We will consider a wide range of football executives to complement our current football staff. One change that we will implement is hiring an assistant general manager and vice president of football operations. We all must recognize that this is the first step in a process, but we are committed to building and maintaining a championship culture for our team and our fans.”

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