Blue Jays announce 1-year extension with president Paul Beeston

The Toronto Blue Jays announced a one-year contract extension with longtime president and CEO Paul Beeston on Monday evening, barely 24 hours after the club reportedly stopped their pursuit of Baltimore Orioles executive Dan Duquette.

Beeston's future with the Blue Jays grew increasingly uncertain after reports indicating the team was eager to pry Duquette from the Orioles and have him serve as Beeston's replacement surfaced earlier this offseason. 

The Orioles, however, wanted compensation for Duquette, and negotiations between the two clubs fizzled after Toronto refused to part with Jeff Hoffman and Max Pentecost, who were both selected in the first round of the 2014 draft.

Beeston, who became the Blue Jays' first employee in 1976, will retire after the 2015 campaign.

"Beeston's successor will start when he retires," the Blue Jays said in a press release. "We will not be commenting on the succession process or timing."