Considered one of the most successful baseball executives of this or any era, Dave Dombrowski has agreed to become the Boston Red Sox's president of baseball operations, as confirmed by CBS Sports MLB Insider Jon Heyman.

The 59-year-old Dombrowski was released from his contract as general manager of the Detroit Tigers after a 14-year run that saw the team win the AL pennant in 2006 and return to the World Series in 2012. In all, Detroit enjoyed seven winning seasons and made five postseason appearances under Dombrowski, including four straight through 2014, with four division titles and two pennants, as pointed out by CBSSports.com.

CBSSports.com also reports that in a related move, Ben Cherington will be stepping down as the Sox's general manager, but will be staying on long enough to assist Dombrowski with the transition.

Cherington leaves the team as general manager after taking over the post left by Theo Epstein in October of 2011. The Red Sox have struggled in three of his four seasons with the team.

According to the team, Dombrowski will assume his new post immediately and would be directly reporting to principal owner John Henry and chairman Tom Werner. The Red Sox's new president of baseball operations has indicated that he looks to hire a new GM.

As noted by the CBSSports.com report, the changes comes at the heels of a highly disappointing 2015 season, that began with some prominent offseason additions that thrust the team into having the third-highest opening day payroll in baseball.

Boston is currently in last place in the AL East, and is on pace to incur 91 loses - the same number of games it lost last season prior to all the additions to the roster. The Red Sox haven't officially been eliminated from the playoffs yet, but the SportsLine Projection Model has given the team a 0.0 percent chance of moving into the postseason.