Florida Panthers President Michael Yormark is leaving the team to go work for Jay-Z's Roc Nation entertainment company, a team source said Monday.



The team is expected to formally announce the move later this week.



Yormark has been with Sunrise Sports and Entertainment, the company that runs the Panthers and the BB&T Center, since 2003, starting out as COO and becoming president in 2007.

The title of chief executive officer was added to Yormark's title in September, when Vincent Viola bought the team. Viola, the chairman and CEO of Virtu Financial, an electronic trading firm with offices in the U.S., Singapore and Ireland, replaced Cliff Viner as Panthers owner.

The Panthers have been to the playoffs just once in the past 12 seasons, when they won the Southeast Division in the 2011-2012 season.