BOSTON (CBS) – Theo Epstein has officially resigned from the Red Sox to become the new President of Baseball Operations for the Cubs, the two teams announced Friday night.

Both teams intend to hold press conferences on Tuesday: the Cubs will announce Epstein as their new President of Baseball Operations, while the Red Sox will introduce Ben Cherington as their new GM.

As for the final agreement about compensation for Epstein, the two clubs expect to wrap up the negotiations in the “near term.” They have been talking for several days as the Red Sox have been targeting some of the Cubs’ top players (Matt Garza) and/or top prospects.

WBZ-TV’s Dan Roche reports that Epstein and Cherington will now try to work out the compensation between the two teams.

Epstein engineered two World Series Champions (2004, 2007) during his 10-year reign as the team’s general manager.


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