As Jed Hoyer begins his first week as Cubs president of baseball operations, the team announced a new five-year contract extension.

The deal runs through the 2025 season, ensuring Hoyer will be atop the Cubs front office for years to come.

He spent the last nine seasons serving as the team’s general manager and the No. 2 in charge behind Theo Epstein. With Epstein’s departure last week, Hoyer was bumped up to the president role and is now tasked with determining the future for the Cubs beginning with a pivotal winter.

“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,” Cubs 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.”

When Hoyer and his wife moved to Chicago nine years ago, they hardly knew anybody in the city. But now they’ve made a home here and this is where they’ve raised their three sons. 

“We’ve grown to love this city, this fanbase, this magical ballpark and all of our friends here,” Hoyer said. “There have been many opportunities to leave over the past five years, but this has always been my goal. This has always been our family’s goal. This is Chicago. This is the Cubs. And this is Wrigley Field. The grass is definitely not greener anywhere else and I’m so glad that we chose to stay.”

Part of the reason Epstein decided to step away this fall was because of Hoyer’s emergence as leader and the stamp he’s put on the organization, especially over the last couple years.

“Jed is someone who’s extremely progressive, forward-thinking, honest with himself about the organization and he’s always been at the forefront of our attempts to change and to modernize,” Epstein said. “I’m confident that even though he’s been here, the Cubs are getting the benefit of fresh eyes — so to speak — and that he’ll be a force for continued progress and change within the organization.”