By Anthony Caruso III | Publisher
Theo Epstein has walked away from $10 million. He stepped down from his President of Baseball Operations post on Tuesday.
Jed Hoyer will assume Epstein’s former job. He had been the Cubs General Manager.
“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.”
Epstein will officially depart the job on November 20, 2020. He had one-year left before his resignation.
He spent nearly a decade leading the Cubs baseball operations. Epstein departed the Boston Red Sox in October 2011, then shortly thereafter became the Cubs President of Baseball Operations.
At this time, it’s not clear if Epstein will pursue another job in baseball. At both jobs, he ended two very long World Series droughts with the team he put together.
First, in 2004, the Boston Red Sox ended their 86-year “Curse of the Bambino” when they won the World Series. Three years later, his team also won the 2007 World Series.
Then, in 2016, the “Billy Goat” curse ended when the Cubs defeated the Cleveland Indians in the World Series.
“For the rest of my life, I will cherish having been part of the great Chicago Cubs organization during this historic period,” Epstein said. “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. And now is the right time rather than a year from now. The organization faces a number of decisions this winter that carry long-term consequences; those types of decisions are best made by someone who will be here for a long period rather than just one more year. Jed has earned this opportunity and is absolutely the right person to take over this baseball operation at such an important time.
“I am grateful to everyone with the Cubs: to the Ricketts family for this opportunity as well as for their loyalty; to the fans for their support and the depth of their emotional connection with the team; and to the players, coaches, staff and my front office colleagues for their friendship, excellence and dedication to helping us accomplish our initial goals of regular October baseball and a World Championship.”
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