CHICAGO (CBS) — Theo Epstein will leave the Chicago Cubs, effective this Friday November 20.

He’ll be replaced by Jed Hoyer, the teams current Executive VP. He’ll be named President of Baseball Operations.

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“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,” said Cubs Chairman Tom Ricketts. “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.”

Epstein joined the Cubs on October of 2011. He was part of the team’s rebuilding that lead to the Cubs winning their first World Series title in more than 100 years back in 2016.

“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.

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“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.”

Before coming to the Cubs, Epstein led the Boston Red Sox to World Series titles in 2004 and 2007.

Under Epstein’s direction, he worked on restructuring the Cubs’ Baseball Operations department. Epstein also helped to acquire Anthony Rizzo, Jake Arrieta, Kyle Hendricks and Dexter Fowler. Through drafts he Kris Bryant and Kyle Schwarber and free agency Jon Lester, Ben Zobris and Jason Heyward.

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CBS 2 Chicago Staff