Chicago Cubs president of baseball operations Theo Epstein was in the final year of his current contract with the team.

However, Epstein will not see that final year through, with Jed Hoyer taking over for him:

Epstein released this statement:

There are multiple ways to look at this decision.

For starters, there had been rumblings about Epstein moving on either this year or in 2021. He has often been one to seek out new challenges and, after nearly a decade with the Cubs, might have felt it was time to move on. This statement from Cubs owner Tom Ricketts seems to hint at that:

It is also possible Epstein and the front office had philosophical differences as to how to proceed this offseason.

Buster Olney of ESPN reported the Cubs were “signaling” the willingness to trade any number of veterans and even core players like shortstop Javier Baez.

Epstein said during his postseason press conference there might be significant change, but perhaps there was some disagreement regarding how best to go about change. Then again, Hoyer has always closely aligned with Epstein in terms of player development and personnel management, so perhaps Theo decided his time was simply up.

Regardless, Epstein will go down as arguably the best executive in Cubs history.

After joining the team ahead of the 2012 season, Epstein began to rebuild the club from the ground up. The Cubs would make three consecutive National League Championship Series appearances between 2015 and 2017, ending a 108-year drought by winning the World Series in 2016.

While the last few years have been cause for disappointment on the North Side, Epstein's role in delivering the franchise its long-awaited title will never be forgotten.

As for Epstein's own future, it looks like he wants to take the year off, with the possibility of getting back into baseball as part of an ownership group after that.