Gideon Yu, the co-owner of the 49ers who was instrumental in financing the team's new stadium, is stepping down as team president, the 49ers announced today. He will be replaced by long-time Jed York lieutenant and player salary negotiator, Paraag Marathe, who most recently served as chief operating officer. Al Guido, who worked with the 49ers and the Santa Clara Stadium Authority in selling the seats and suites for the new stadium, will join the 49ers and step in as chief operating officer.
"As we move closer to the opening of Levi's Stadium, our organization will continue to evolve and grow," York, the team's CEO, said in a statement. "Gideon, Paraag and Al have been instrumental in making the new stadium a reality, and I couldn't be more excited about the future of our management team and the 49ers organization. Paraag and Al have developed a tremendous working relationship and I am deeply confident in their leadership."
Yu sent out a tweet that read: "Thanks to @JedYork for entrusting me to complete your stadium project. Looking fwd to many more years together as 49ers' co-owners!"
Yu spearheaded the financing of the team's billion-dollar Levi's Stadium, which is due to open later this year. A press release sent out about the promotions also said that Yu was instrumental in accelerating the opening date of the facility from the originally planned 2015 season to 2014.
-- Matt Barrows