(Photo credit: Jim Rassol-Imagn Images)

The St. Louis Cardinals promoted team president Bill DeWitt III to chief executive officer on Wednesday, following the club's succession plan.

His duties will be expanded as he will oversee both the baseball and business operations.

The DeWitt family purchased the Cardinals from Anheuser-Busch just before the 1996 season, and Bill DeWitt Jr. and his family have been running the team since. Until Wednesday, Dewitt Jr. had been the family member at the top of the organization.

A team news release said the elder DeWitt, 84, will continue as chairman and principal owner and be involved in 'significant team baseball and business matters.'

'This organizational evolution reflects our family's enduring commitment to the Cardinals, our fans, and our community,' DeWitt Jr. said. 'Today's news also represents a natural progression of leadership responsibilities to steward the next generation of Cardinals baseball, both on and off the field.

'Bill's leadership over the past 18 years as President -- including his vision for Busch Stadium and Ballpark Village while leading our business efforts overall -- has prepared him well to become our next CEO. Over time, Bill has assumed increasing responsibilities across our organization, including baseball, and this appointment and transition to CEO duly recognizes this.'

The DeWitts paid $150 million for the club 30 years ago. Today, it is worth $2.75 billion, according to an analysis by Forbes published in March.

The Cardinals also promoted Anuk Karunaratne, 43, to president of business operations. He will be in charge of business matters and off-field initiatives and report to DeWitt III. Karunaratne previously was the executive vice president of business operations for the Toronto Blue Jays (2020-24) before joining the Cardinals in a similar role.

The club named former Boston Red Sox executive Chaim Bloom the president of baseball operations last September.

'I'm honored by this expanded opportunity to lead the Cardinals organization,' said DeWitt III, 58. 'Anuk's elevation to President of Business Operations reflects the strength of his leadership and his deep commitment to working collaboratively with our staff, business partners, and fans. Together with Chaim Bloom's baseball operations leadership, we have a young but experienced team with a great vision for the future.'

In the DeWitt era, the Cardinals won World Series titles in 2006 and 2011.

--Field Level Media