Floyd Mayweather drops a bomb and announces Richard Schaefer will replace Leonard Ellerbe at the helm of Mayweather Promotions

Floyd Mayweather made his big news during a legendary 21-year career with his fists. But on Thursday, on the eve of a major pay-per-vew card at the MGM Grand Garden, he dropped his first business bombshell as the founder of Mayweather Promotions.

Mayweather announced on social media that Leonard Ellerbe had resigned as his company's chief executive officer and announced that former Golden Boy Promotions president Richard Schaefer would replace him at Mayweather Promotions. Mayweather did not specify whether Schaefer would carry the CEO title. Schaefer said that hasn't been determined.

Schaefer, whose business background is in banking, is one of the sharpest minds in boxing and played a massive role in building Golden Boy Promotions from the ground up. With Ellerbe leaving, it was a stroke of genius by Mayweather to land Schaefer, who will be a credible and formidable presence at the top of a company that hasn't always been significant.

With Schaefer on board, Mayweather said he was moving the company to Los Angeles. Curiously, De La Hoya moved last year to Henderson, Nev., and has been considering moving the company to Las Vegas.

"As we move forward, we are excited to announce that Mayweather Promotions will be joining forces with Richard Schaefer, a highly sought after finance expert and a phenomenal founder in the world of promotional boxing, with over 40 years experience combined," Mayweather said in a social media post. Together, we will expand our presence by establishing Mayweather Headquarters in Los Angeles. Our goal is to elevate Mayweather Promotions to global success, supporting fighters worldwide and assisting them in making rewarding business decisions that will benefit them well beyond their boxing careers."

Mayweather Promotions has had a long history Gervonta Davis, who fights Frank Martin for the WBA lightweight title Saturday in the 100th boxing card at the MGM Grand Garden Arena. But Davis and Mayweather have been at odds and Tom Brown's TGB Promotions is putting on Saturday's show.

"The goal is to build up and expand Mayweather Promotions," Schaefer told KevinIole.com on Thursday. "We want to sign young fighters and build them up and make them stars. My main focus is boxing, of course, but Floyd has so many businesses and other entities, and I think my qualifications play into that as much as I understand all of these other aspects of business, whether it's real estate or banking or what have you. I bring that skill set to the table as well."

Schaefer said he's going to do an assessment of the company and determine it's strengths and weaknesses beginning in the coming days. But he said he'll be moving "full steam ahead" as he attempts to make Mayweather Promotions a major player in the space.

Schaefer praised Turki Alalshikh, the chairman of the General Entertainment Authority in Saudi Arabia, for helping to reignite global interest in boxing. He said Alalshikh and the Saudis have been able to put together mega-fights that seemed unthinkable previously or which had taken years to make.

But Schaefer said the one shortcoming in what the Saudis are doing is finding emerging talent, and he said that's going to be a point of emphasis for him as he moves forward.

"For all the young fighters Floyd has and the young fighters who are going to join, and all of the fighters he has, you know how I promotion and how I build up," Schaefer said. "I like to empower fighters and help them make a lot of money, like we did with Floyd in that stretch when he was setting the records.

"But one of the areas I think has been neglected has been identifying and building the next generation of stars. We have to find those guys and give them the tools they need and then go out and methodically build them into the stars of the future."

Mayweather's brightest prospect now is 18-year-old Curmel Moton, who is 3-0 with two KOs. But Schaefer wants to give him plenty of company in the prospect ranks. He said Mayweather has a bright eye for talent and the company will rely on him to help identify elite prospects.

Ellerbe was a loyal part of the Maweather team for more than two decades. He rose from one of his strength coaches to run the company and was known for his fierce loyalty to Mayweather.

Ellerbe could not be reached for comment on his decision.  In an interview Tuesday at the MGM Grand with boxing journalist Sean Zittel, Ellerbe was asked directly about rumors he'd be stepping away. He flat-out denied it.

"I don't listen to none of that stuff," Ellerbe said to Zittel. "I going to do what I do."  Zittel followed up and asked if there was any truth to the rumors. Ellerbe said, "No. No."

Mayweather, though, praised him for his achievements during his tenure.

"Mayweather Promotions would like to extend our deepest gratitude to Leonard Ellerbe for his exceptional leadership and unwavering dedication over the years," Mayweather said in his statement. "Leonard has been an integral part of our team, contributing to numerous business endeavors that have played a pivotal role in the success of Mayweather Promotions.

"After years of hard work and dedication, Leonard has made the heartfelt decision to step down as CEO to spend more time with his family and loved ones. We have the utmost respect for his decision and are incredibly grateful for his leadership that has helped shape Mayweather Promotions into the thriving organization it is today."