The Chicago Cubs officially introduced Joe Maddon as the club's new manager in a news conference on Monday, replacing Rick Renteria, who only spent one season at the helm.

Maddon, who made himself available this offseason after parting ways with the Tampa Bay Rays, signed a five-year deal with the Cubs. Terms of the deal were not disclosed by both parties, but ESPN reported that the veteran manager inked a $25-million deal with performance-based incentives.

The 60-year-old manager accepted the challenge to lead the Cubs in their rebuilding process, which started when they hired Renteria last year. Renteria was expected to retain his post despite the Cubs' 77-85 record last season, but the Cubs made a sudden U-turn when Maddon became a free agent.

In nine seasons with the Rays, Maddon racked up a 754-705 record, helping Tampa Bay win two AL East titles. He also led the Rays to four playoff appearances, including their World Series stint in 2008 where they lost to Philadelphia in five games.

Cubs catcher John Baker said that he is convinced the Cubs made the right move, saying that Maddon deserves the opportunity to manage a high-profile team, while also expressing hope that their team will enjoy success under the two time AL Manager of the Year's watch.

"I think it's an appropriate time in Joe Maddon's career to move to one of these historic franchises and see if he can do something magical," Baker said via the Cubs' official website. "He made some magic happen in Tampa Bay -- and if this is the one opportunity the Cubs have to acquire a manager like that, it seems to make sense."

Meanwhile, the Minnesota Twins also announced that they hired Paul Molitor as their new manager, replacing Ron Gardenhire, who was released last month.

Molitor, a Hall of Fame infielder, reportedly agreed to a three-year contract with the Twins, who are aiming to bounce back from four straight disappointing seasons that saw them losing at least 92 games.

According to ESPN, general manager Terry Ryan picked Molitor from a short list of candidates that also includes Boston Red Sox bench coach Torey Lovullo and Twins minor league manager Doug Mientkiewicz.

Molitor will be officially introduced as the 13th manager of the Twins in a news conference on Tuesday.

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