Els underwent surgery Thursday after hurting himself while sailing last week during a vacation. He will miss the rest of this year's tour on the advice of his doctor.
That means the third-ranked men's player in the world will miss next week's International and the PGA Championship. Also, he likely will not participate in the Presidents Cup at the end of the year.
"His presence will be missed at the remainder of this year's PGA Tour events and during the upcoming Presidents Cup," said Finchem in a statement. "We all know what a tough competitor he is and are confident he will rejoin the tour as soon as he can."
The three-time major tournament winner is 21st on the PGA Tour money list and fifth on the European Tour Order of Merit. He has 15 PGA Tour victories and 21 wins on the European Tour.