Theo Epstein to Step Down as Cubs President; Will Be Replaced by Jed Hoyer

The Chicago Cubs announced Tuesday that Theo Epstein is stepping down as president of baseball operations effective Friday.

General manager Jed Hoyer will assume the title upon Epstein's departure. Epstein has been with the organization since October 2011 and helped deliver the franchise its first World Series title since 1908.

MLB.com's Jordan Bastian shared a statement from Epstein:

Epstein's resignation will give the Cubs $10 million to potentially redistribute:

The 46-year-old was signed through the 2021 season. In October, he hinted at possibly leaving upon the end of his contract but seemed focused on seeing through the deal, per The Athletic's Patrick Mooney:

"This is really about the Cubs and the process of doing everything we can to continue to put the organization on solid footing. Get back to the postseason in '21, win the division again in '21 and then perform better in the postseason while setting ourselves up for another run of long-term success. That's the challenge. It's a difficult environment out there. Being mindful of a potential transition—even one that might be a year away or an indefinite period of time away—is the smart thing to do.

"So how will I make that decision? By showing up to work every day, being collaborative, open-minded and putting the interests of the Cubs organization first. That's how we've attacked the last nine years. And that's how we'll operate moving forward. We just haven't had those discussions yet."

Fans will be eager to see which franchise Epstein next intends to turn into a champion. That decision might be long in the offing, though. MLB Network's Jon Morosi reported Epstein is planning to take a year off, thus ruling out a move to the Philadelphia Phillies or New York Mets.

The timing of his resignation probably says a lot about where the Cubs are headed. A portion of Tuesday's statement hints at the reason.

"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," Epstein said.

Despite being one of the most valuable franchises in MLB and playing in a major market, the Cubs have been tight with their spending in recent years. Trading 2016 National League MVP Kris Bryant might be on the table, too, in lieu of re-signing the 2022 free-agent-to-be.

When Epstein left the Boston Red Sox, the organization was a bit of a mess behind the scenes. Most of the players responsible for Boston's 2007 World Series triumph had either moved on or were still with the team but on the wrong side of the aging curve.

The Red Sox were champions again in 2013, but that was their only playoff trip between 2010-15. In short, Epstein got out at the perfect time.

The Cubs averaged 72 wins from 2009-14. That allowed them to build the foundation for three straight trips to the National League Championship Series starting in 2015.

It appears Hoyer is inheriting a similar situation.