Updated: Tuesday, 03 June 2014 10:34 | By Agence France-Presse

Schaefer departs in shakeup at de la Hoya's Golden Boy Promotions

Richard Schaefer stepped down as CEO of Oscar de la Hoya's Golden Boy Promotions in a move that will ripple through the boxing world.

Schaefer departs in shakeup at de la Hoya's Golden Boy Promotions

Golden Boy Promotions CEO Richard Schaefer, pictured during a press conference at the MGM Grand Hotel/Casino in Las Vegas, Nevada, on September 11, 2013 - by Ethan Miller

Schaefer and De la Hoya had been at odds over the direction of the company, although De la Hoya said at a May 3 news conference in Las Vegas that he wanted Schaefer to stay.

However Schaefer, a Swiss national who left banking to join De la Hoya's fledgling promotional company more than 10 years ago, said he felt compelled to leave.

"This decision has required a great deal of personal reflection, but ultimately I concluded that I have no choice but to leave," Schaefer said in a statement. "I am proud to remain a shareholder, so I have a strong interest in the continued success of the company."

The news comes just days before Olympic gold medallist turned multiple professional world champion De la Hoya's scheduled induction into the International Boxing Hall of Fame in Canastota, New York, on Sunday.

Tension between De la Hoya and Schaefer was reported to stem from the ex-fighter's decision to reach out to rival promoter Bob Arum of Top Rank.

They haven't promoted together in years, a situation that scuppered a series of potentially lucrative fights.

It's not clear, however, how Schaefer's departure affects the chance that a fight between unbeaten American Floyd Mayweather and Filipino ring icon Manny Pacquiao could finally happen.

Although Mayweather has been promoted by Golden Boy, he has a close relationship with Schaefer.

Pacquiao this month extended his promotional deal with Top Rank, and Mayweather has vowed never to fight him as long as Pacquiao is promoted by Arum.

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