By CBS 2 Chicago Staff

CHICAGO (CBS) — The Chicago Cubs have a new President of Baseball Operations.

The team announced Jed Hoyer agreed to terms with the Cubs on a new five-year contract running through the 2025 season. But terms of the deal were not disclosed.

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Hoyer joined the Cubs in November 2011 as the Executive Vice President/General manager.

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

Last week, the Cubs announced Theo Epstein and the team parted ways. He helped the team win its first World Series title in more than 100 years.

The new president starts his 20th season in baseball operations. It’s also his 10th season with the Cubs. According to a Chicago Cubs news release, under former president of baseball operations Epstein, Hoyer was involved in “a leadership role in every aspect of the Cubs’ baseball operations department, helping the organization revamp its amateur and professional scouting departments while creating and expanding the research and development analytics group.”

Hoyer will be hiring a new general manager, and he will be looking outside the organization.

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“You know, I want the fresh ideas and I want to be challenged. I think that that’s part of the beauty of going outside the organization, so I kind of encourage that,” Hoyer said. “And I think for me, the most important thing I may be trying to find is the sense of trust. You guys have no idea which decisions I was in favor of or Theo was in favor of – and I think we made that really concerted effort over the last nine years that we’re in this together. To me, that’s critically important in these roles.”

Before the Cubs, Hoyer was the GM of the San Diego Padres for the 2010-11 seasons. He started his career in Major League Baseball with the Boston Red Sox from 2002-2009

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CBS 2 Chicago Staff