Jocketty, 63, has served as general manager for the Reds since April 23, 2008, and has led the team to two division titles, three 90-win seasons, and three playoff appearances over his tenure as general manager. However, the team has yet to advance in any of their three playoff series.
Despite some success as general manager, Jocketty has signed veterans such as first baseman Joey Votto, second baseman Brandon Phillips, and starting pitcher Homer Bailey to questionable longterm deals. Votto's 13-year, $263 million contract that he signed back in 2011 appears to be Jocketty's biggest mistake. The 31-year-old Votto is signed through 2023, his age-40 season. Already Votto is missing time due to injury, appearing in only 62 games thus far this season.
Jocketty's contract extension will cover both 2015 and 2016, as his current deal ran through this season.
"This franchise has had great success under Walt’s guidance, and we’re delighted he has signed a 2-year extension," Reds President and Chief Executive Officer Bob Castellini said.
The Reds' payroll continues to be on an upward trend, as Jocketty has already committed $71 million to just nine players in 2015, and that does not include a $10 million team option for Johnny Cueto, nor a $5 million player option for Aroldis Chapman. To keep the Reds' payroll around $100 million, Jocketty will have to make cost-effective moves this offseason, perhaps even dealing some of the Reds controllable talent. He will be put in a tough situation.
Jocketty was named the 2010 Sporting News Executive of the Year, an award he won in both 2000 and 2004 as general manager of the St. Louis Cardinals. He was hired by the Reds on January 11, 2008, as a special advisor to the team. Merely four months later, he was named general manager. He has led the Reds to continued success since.