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The Chicago Cubs have signed Jed Hoyer, their new president of baseball operations, to a five-year contract. Hoyer served as general manager under Theo Epstein and was promoted to present of baseball operations after Epstein stepped down last week. The team announced Hoyer's new extension Monday.

"Jed was a key baseball operations leader as we built a team that made the playoffs five of the last six years and won the World Series," executive chairman Tom Ricketts said in a statement. "My family and I believe he is going to be an incredible baseball operations president, and Cubs fans have one of the best in the business leading the team to continue our commitment to sustained success."  

"I have been so fortunate to work alongside Theo for 17 of the last 19 years," Hoyer said in a statement after Epstein stepped down. "I could not have had a better mentor or a more loyal and trusted friend. He has already changed two storied franchises with his passion, creativity, intellect and leadership. I have no question that the next chapters in his career will be equally impressive and impactful.

"I am thankful to the Ricketts family for bestowing me with the opportunity to lead the Cubs baseball operation. For the last nine years, I have worked alongside so many dedicated colleagues with one goal in mind — to build a team and an organization that makes Cubs fans proud and provides them with memories of a lifetime. I am thrilled that this leadership transition will provide continuity to a department that has had tremendous successes over the past six seasons. Ultimately, this transition is about the future, and I look forward to constantly pushing the Cubs to evolve and grow to ensure that there is sustained success at Wrigley Field." 

Hoyer, 47 next month, worked under Epstein with the Red Sox from 2002-09 before becoming general manager of the Padres. With San Diego, he brokered the deal that sent Adrian Gonzalez to Boston for Anthony Rizzo, among others. Hoyer left the Padres and joined the Cubs as general manager under Epstein in 2011.

It's unclear whether Hoyer intends to hire a general manager to handle day-to-day duties. Jason McLeod, Chicago's senior vice president of baseball personnel, also worked under Hoyer and Epstein in Boston, and would seem to be a natural fit for the job. McLeod interviewed for the Angels general manager job before they hired Perry Minasian.  

The Cubs are at a crossroads this offseason. They're looking to cut payroll (like most teams amid the COVID-19 pandemic) and they are expected to shake up their core. Chicago is 1-7 in their last eight postseason games and core players like Kris Bryant, Javier Baez, and Kyle Schwarber could be traded or non-tendered.