PONTE VEDRA BEACH, FLA. - PGA Tour commissioner Tim Finchem has been given a four-year contract extension through June 2016.

Finchem became the tour's third commissioner in June 1994 and has overseen a period of tremendous growth. Earnings for PGA Tour members have increased substantially and he has been instrumental in developing a number of key events, including the Presidents Cup, PGA Tour playoffs and the World Golf Championships.

"We have accomplished a lot, but there remains a great opportunity to continue to grow over the next four years," said Finchem in a statement. "It is an honour to work in such a wonderful sport with the world's best athletes and a terrific management team. I look forward to continuing to work closely with them in the future."

Joe Dey and Deane Beman were the first two commissioners of the PGA Tour.