Theo Epstein steps down as Cubs president after 9 seasons

The Cubs announced Tuesday morning Theo Epstein will step down from his role as President of Baseball Operations effective Friday and depart the organization after nine seasons.

Jed Hoyer, who joined the club in November 2011 as Executive Vice President/General Manager, will be named President of Baseball Operations.

“Theo and I have been communicating about this possible move for a couple of years, and we have been working together toward a transition that makes sense for the Cubs and for him,” Cubs Chairman Tom Ricketts said. “The timing is right for a number of reasons, and most importantly we are both thrilled that Jed is the person succeeding Theo.

“We have had our most successful period in over a century under Theo’s leadership, and we are grateful for everything he has given to this organization and this city. Jed has been a big part of that success, too, and offers a combination of continuity and a fresh perspective that will serve us well as we look forward to another period of sustained success.”

“For the rest of my life, I will cherish having been part of the great Chicago Cubs organization during this historic period,” said Epstein. “All of the things that have made this experience so special — the fans, the players, the managers and coaches, ownership, my front office colleagues, the uniqueness of the Wrigley experience, the history — make it so tough to leave the Cubs. But I believe this is the right decision for me even if it’s a difficult one.”