Cubs, Red Sox settle compensation for GM Epstein

The Chicago Cubs sent young pitcher Chris Carpenter to the Boston Red Sox as compensation for hiring general manager Theo Epstein, the two teams said on Tuesday.

The clubs will also swap two players to be named later.

Epstein left the Red Sox at the end of the 2011 Major League Baseball (MLB) season with a year remaining on his contract as general manager to take the position of president of baseball operations with the Cubs.

Boston placed right-handed reliever Bobby Jenks, who is recovering from back surgery, on the 60-day disabled list to make room for Carpenter on the roster.

The right-handed Carpenter, 26, made his major league debut last season with the Cubs and posted a 2.79 earned run average in 10 games out of the bullpen.

Carpenter also made 32 relief appearances between Chicago's Double-A Tennessee and Triple-A Iowa clubs last year, going a combined 3-4 with two saves and a 5.91 ERA.

When the two clubs were unable to agree on compensation for Epstein, the matter was passed on to MLB commissioner Bud Selig before they ultimately worked out a deal on their own.

"It has always been my preference that clubs resolve matters like this amongst themselves, as they understand their unique circumstances better than anyone else could," Selig said in a statement.

"Though the matter required time, both clubs demonstrated professionalism throughout their discussions, and I appreciate their persistence in finding common ground."

(Reporting By Larry Fine in New York; Editing by Frank Pingue)