The Reds have named Dick Williams as the team's general manager effective immediately.
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"When Mr. Castellini and I discussed our last contract, I told him that I would be ready to move on to an advisory role," Jocketty said.
Williams, 44, is the son of owner Tom Williams.
"I am excited for this opportunity," Williams said. "I see this as a continuation. It is not a takeover."
Jocketty, 64, has been involved with Major League Baseball for 41 years. the last 21 as a general manager. He has been the Reds' general manager since 2008.