Florida Panthers’ team president and CEO Matthew Caldwell is set to leave the organization after 11 years to become the CEO of the NBA’s Minnesota Timberwolves and WNBA’s Minnesota Lynx, per David Dwork of The Hockey News. The report was confirmed by Tim Reynolds of the Associated Press. Additionally, former NHL pro Shawn Thornton announced he will step down from his role as Florida’s Chief Revenue Officer (CRO) to join the NBA’s Atlanta Hawks as a Senior Vice President and Chief Partnership Officer. Thornton joined Florida’s executive staff in 2017.
These moves stand as two major changes to the Panthers’ top level of business management. Caldwell joined the Panthers in 2014, amid some of their darkest years. He quickly took to a litany of responsibilities, and earned a promotion from Chief Operating Officer (COO) to CEO after just two years with the organization. He was 36 at the time. In the boosted role, Caldwell was able to take on efforts that helped to reshape the Panthers from an NHL bottom-dweller to a modern dynasty.
Caldwell played an instrumental role in the formation of Florida’s lauded front office and coaching staff. He supported the team to a franchise record in ticket sales, TV viewership, and sponsorship revenue and led the hiring of then-rookie general manager Bill Zito. Caldwell also supported the sale of local media rights to Bally Sports in 2022, Florida’s arena naming rights to Amerant Bank in 2023, and additional media sales to Scripps Sports in 2024. The trio of deals expanded coverage of Panthers hockey across Florida.
Success in the Sunshine State was only a small part of Caldwell’s career. He graduated from the United States Military Academy at West Point and served five years as a Captain in the U.S. Army. During that time, he oversaw combat operations in Iraq, peacekeeping efforts in Kosovo, and soldier training in Germany. He received numerous accolades for that service. Caldwell turned towards a career on Wall Street after his military duty concluded, taking on the role of Vice President with Goldman Sachs. He also attended the Northwestern University School of Law for his J.D. and MBA degrees. The Panthers cover Caldwell’s accomplishments more in depth on their website.
Now, Caldwell will join the Timberwolves and Lynx on the heels of their sale to Marc Lore and former MLB legend Alex Rodrigues. In doing so, he will continue to sustain an illustrious career that Panthers Owner Vincent Viola knows they won’t be able to replace. Viola told the Associated Press:
There are very few opportunities I would advise him to pursue, but working with Alex Rodriguez and Marc Lore on a global platform like the NBA is at the top of that list… Matt’s impact on our organization has been immeasurable and he leaves with our respect and gratitude
On top of that weight, the Panthers will also lose former bruiser turned proficient executive Shawn Thornton. Thornton played through 14 years and 705 games in the NHL. He was among the very last true enforcers in the NHL, and racked up an incredible 1,103 penalty minutes over the course of his career. Over his full career, Thornton averaged 12 points and 128 penalty minutes per 82 games played.
Thornton retired as a member of the Florida Panthers in 2017, at the age of 39, and quickly took to a front office role. His business career began as a Senior Vice President of Business Operations – filling a litany of roles, including heading marketing, sponsorships, broadcasting, game presentation, and community relations. He was promoted to the team’s Chief Commercial Officer in 2020, then to CRO in 2022.
Thornton has been a pillar of growth since the onset of his post-playing career. In addition to his role with the Panthers, he also runs the Shawn Thornton Foundation – geared towards raising funding for life-threatening diseases, including Parkinson’s Disease. That organization was formed in 2013.
Florida will now bear the burden of filling two major roles in their executive offices. It will be a tough task, though one the organization seems well set up for after winning back-to-back Stanley Cups and appearing in three-straight Stanley Cup Finals. They’re a true NHL dynasty, and averaged the fifth-most attendance in the league last season according to HockeyDB. This news will mark turnover and new opportunity for a club in the midst of their peak.
Photo courtesy of Charles LeClaire-USA TODAY Sports.
That Shawn Thornton hiring is really strange.
What did these guys do, To deserve that?
Sounds like they wanted big raises but owner said no.
Always find these moves to be quite interesting. There are certainly big differences in the leagues but as a Cubs / Hawks fan I recall quite well being a bit perplexed when the Hawks pulled over John McDonough and Jay Blunk from the Cubs about 20 years ago. In hindsight it was quite a brilliant move as they had just overseen a pretty big image overhaul to turn the “Loveable Losers” Cubs team into legitimate contenders. Outside of actual talent the Hawks were struggling with fan base / PR issues at that time and those two helped lead them out of it. Wouldn’t be shocked if it was a similar thought process in picking up these guys in a new sport.