Richard Schaefer announced his resignation as CEO of Golden Boy Promotions on Monday night, ending his long-time partnership with former boxing superstar Oscar De La Hoya.

In a statement, Schaefer, who is credited by many for the success of GBP over the past several years, said that he had no other choice but to leave the company he co-founded with De La Hoya in 2002.

Schaefer did not give a clear reason why he decided to end his partnership with the company, but it is no secret that the main reason is his long-standing feud with De La Hoya.

"After more than 10 years with Golden Boy, it is time to move on to the next chapter of my career," Schaefer said via ESPN. "This decision has required a great deal of personal reflection, but ultimately I concluded that I have no choice but to leave. I have succeeded in banking, and I have succeeded in boxing, and I look forward to the next opportunity."

Schaefer shaped Golden Boy Promotions as one of the powerhouse promotional companies during his 10-year tenure, establishing harmonious relationship with business partners like HBO and Showtime along with the MGM Grand in Las Vegas.

The former Swiss banker was also responsible for making big-money fights happen, including the record-setting showdown between De La Hoya and Floyd Mayweather Jr. in 2007 along with the Mayweather vs. Canelo Alvarez fight in September last year.

With his resignation, boxing experts believe that Schaefer will eventually move to Mayweather Promotions in the near future, especially after the reigning pound-for-pound king said last month that he will welcome Schaefer to his company with open arms if he decides to leave GBP.

"Richard knows there is always a home over here. We would love to work with him hand in hand. If he has any problems over there. That's the company that we know Richard Schaefer built," Mayweather said.

With Schaefer out of the GBP, Mayweather Promotions CEO Leonard Ellerbe announced that De La Hoya's promotional company will no longer be involved in future fights of the reigning pound-for-pound king, saying that Schaefer was the only reason why they co-promoted fights with GBP before.

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