Cubs sign Jed Hoyer to five-year deal as president of baseball operations

The Chicago Cubs signed Jed Hoyer to a five-year deal that will officially keep him on as president of baseball operations through 2025 following Theo Epstein's departure.

Last week, the Cubs announced that Epstein would step down and be replaced by Hoyer, who was the team's general manager.

Epstein joined the Cubs in 2011 after helping the Red Sox win two World Series as the youngest general manager in MLB history, taking the job at only 28. He then worked his championship magic in Chicago, with the Cubs winning the World Series in 2016, ending the franchise's 108-year championship drought.

"For the rest of my life, I will cherish having been part of the great Chicago Cubs organization during this historic period," Epstein said in a statement.

Hoyer worked under Epstein in Boston as assistant general manager before becoming the Padres' general manager in 2009. He then joined Chicago as the team's general manager, once again teaming up with Epstein to win another title. 

In 2016, Hoyer signed a five-year extension to remain with the team through 2021, but now he is set to be with the team for the long term in his new role. Epstein said he was confident that Hoyer would bring a fresh perspective to the Cubs organization.

"I'm confident that, even though he's been here, the Cubs are getting the benefit of fresh eyes, so to speak, and that he'll be a force for continued progress and change within the organization," Epstein told reporters last week.

The Cubs have made the playoffs in three of the four seasons since winning the World Series, though they have lost in the wild-card round during their last two playoff appearances.