Theo Epstein, the general manager who assembled two World Series championship Boston Red Sox teams, has officially resigned and will depart for the Chicago Cubs, where he has been named president of baseball operations.

The move comes after an epic September collapse and one of the most disastrous endings to a season in Boston sports history.

Epstein has long been rumored to be interested in the Cubs job, as the presidency is a major promotion. He could also perhaps bring a championship to the only team that suffered a longer World Series drought than the Red Sox.

The teams released the following statement:

The Boston Red Sox and the Chicago Cubs jointly announce this evening that, effective immediately, Theo Epstein has resigned from the Red Sox in order to become the new President of Baseball Operations for the Cubs. 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.

Both the Red Sox and the Cubs intend to hold press events on Tuesday, October 25 during which the Cubs intend to announce Mr. Epstein, and the Red Sox intend to announce his successor as General Manager.

Out of respect for the World Series, both clubs have agreed to forego further comment until Tuesday, the next scheduled non-game day.

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