Theo Epstein, who helped the Boston Red Sox snap an 86-year World Series drought, has agreed to become president of baseball operations for the Chicago Cubs where he will try to lead the team to their first championship in over 100 years.

The move, announced in a joint statement by the Red Sox and Cubs on Friday, follows Boston's late-season collapse that left them out of the Major League Baseball (MLB) postseason and led to the dismissal of manager Terry Francona.

...effective immediately, Theo Epstein has resigned from the Red Sox in order to become the new president of baseball operations for the Cubs, the statement read.

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.

Terms of Epstein's contact were not disclosed.

Epstein, who became the youngest ever MLB general manager when Boston hired him in 2002 at age 28, assembled a team that won the World Series in 2004 and 2007, ending a title drought that stretched back to 1918.

But the Red Sox have failed to make the playoffs the past two seasons, with the 2011 squad becoming the first MLB team to have a nine-game lead in September and not make the playoffs.

The Cubs, who missed the playoffs for a third straight season after going 71-91 in 2011, have not won a World Series title since 1908.

Jim Hendry was dismissed by the Cubs as general manager in August.