The Theo Epstein era in Boston is officially over.
The Red Sox and Cubs tonight released a joint statement saying that the longtime GM has resigned his post on Yawkey Way to join the National League club.
“Effective immediately, Theo Epstein has resigned from the Red Sox in order to become the new President of Baseball Operations for the Cubs,” it read in part. “The Clubs also have reached an agreement regarding a process by which appropriate compensation will be determined for the Red Sox and that issue will be resolved in the near term.”
He’s expected to be formally introduced in Chicago on Tuesday. Ben Cherington should be named Epstein’s official successor in Boston the same day.
There’s no word yet on what the Sox’s compensation for letting Epstein out of the final year of his contract will be.
Epstein, who was named Boston’s GM in November 2002, helped build the teams that won the 2004 and 2007 World Series. He left the team for three months in 2005, but soon returned to the helm.
This time, however, it appears he’s gone for good.