The Timberwolves have hired Matthew Caldwell as Chief Executive Officer of the organization, effective Sept. 2, according to a team press release.
Caldwell will oversee day-to-day business operations and high-level strategic initiatives for the Timberwolves, WNBA Lynx, and G League Iowa Wolves. New team owners Marc Lore and Alex Rodriguez gave Caldwell, who had served as President and CEO of the NHL Florida Panthers the past nine years, a 10-year contract.
Caldwell is the first major hire by Lore and Rodriguez since the NBA’s Board of Governors unanimously approved the sale of the franchise following a lengthy legal battle with previous majority owner Glen Taylor. The Panthers have won the last two Stanley Cups.
“I’m honored and humbled to join the Timberwolves and Lynx organization at such a pivotal moment in its history,” Caldwell said in a statement. “I am inspired by Marc and Alex’s vision and passion for Minnesota basketball and their commitment to excellence. I look forward to making my mark across the organization, and to building a lasting foundation that gives Minnesota basketball fans what they deserve – the best experience in sports, bar none.”
Caldwell’s leadership played an instrumental role behind the Panthers’ most successful period in franchise history which culminated with the organization being named 2025 Sports Business Journal Team of the Year. Caldwell first joined the Panthers in 2014 as Chief Operating Officer, before being appointed CEO in 2016, at which time he was the youngest CEO in U.S. professional sports at age 36.
“Our vision is for the Timberwolves and Lynx to set a new standard of excellence in pro sports and we’re confident that Matthew is the leader needed to make that a reality,” Lore and Rodriguez said in a joint statement. “Leading our organization into an innovative new era requires an exceptional individual at the helm and Matthew’s proven track record leading the business of the Florida Panthers is undeniable. We can’t wait to see the remarkable impact his bold leadership will have on this organization.”
Panthers owner Vincent Viola calls Caldwell’s departure “bittersweet,” according to Jon Krawczynski of The Athletic (Twitter link).
“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,” Voila said.
Caldwell will take over responsibilities from interim CEO Kelly Laferriere, who has led the organization during its ownership transition period. Laferriere will assume the role of senior advisor to ownership. Tim Connelly will continue to oversee oversee basketball operations.