The Chicago Cubs have given Jed Hoyer a new five-year contract.

The deal runs through the 2025 season. Hoyer was promoted to president of baseball operations when Theo Epstein stepped down last week.

"My family and I believe he is going to be an incredible baseball operations president," Tom Ricketts said in a statement, "and Cubs fans have one of the best in the business leading the team to continue our commitment to sustained success."