Ned Colletti will remain with the Dodgers as a senior advisor to Stan Kasten. (Keith Birmingham/Staff photographer)

The Dodgers hired longtime Tampa Bay Rays general manager Andrew Friedman as their new president of baseball operations Tuesday, while retaining former general manager Ned Colletti as a Senior Advisor to Stan Kasten.

Friedman, 37, is expected to hold a press conference at Dodger Stadium on Wednesday. He had been the Rays’ general manager since 2005 and built four playoff teams since 2008 with a payroll that ranked no higher than 27th in baseball.

“Andrew Friedman is one of the youngest and brightest minds in the game today and we are very fortunate to have him join our organization,” Kasten said in a statement released by the team. “The success he has had over the past nine years in molding the Tampa Bay Rays team has been incredible.”

The front-office shakeup leaves the Dodgers without a general manager for the moment, which is likely to change soon. Kasten’s title could also change. He had been the Dodgers’ President and CEO since joining the front office in 2012.

“Ned Colletti has played a major role in the success of the Los Angeles Dodgers over the last nine years and I’m thrilled that we are able to retain him as a special advisor to me,” Kasten said in a statement. “Ned’s knowledge and experience in the game covering 33 years will be a great asset to the club as we continue to add and build our player development system.”

Here’s more on Friedman from the Rays’ media guide:

In its latest measurement, Bloomberg Businessweek named the Rays the “smartest spenders” among the 122 MLB, NFL, NBA and NHL franchises. It isn’t difficult to see why.

The Rays won the 2008 AL pennant with a payroll that ranked 29th out of 30 major league clubs as Friedman was named Sporting News Executive of the Year. At 31, he was the youngest to win the award in its 72-year history. Of the 27 Rays players eligible for postseason that year, 20 were acquired after Friedman’s arrival.

The Rays repeated as AL East champs in 2010, again besting teams with an average payroll two-to-four times that of their own. In 2011, despite losing their seven highest paid players and the entire bullpen from the year before, the Rays pulled off the greatest September comeback in league history and won the AL Wild Card on the last day of the season. Last season, the Rays advanced to the American League Division Series with an Opening Day payroll that ranked 28th.

Through the use of carefully reasoned, and sometimes unconventional strategies, and a heavy emphasis on scouting and player development, Friedman has built what many in baseball consider a model for sustained success. Friedman and Manager Joe Maddon enter their ninth season together, longer than any current general manager/manager duo. In the 2000s, only four other pairs were together longer: John Schuerholz and Bobby Cox with Atlanta (1991-2007), Walt Jocketty and Tony LaRussa with St. Louis (1995-2007), Brian Cashman and Joe Torre with New York (1998-2007) and Kevin Towers and Bruce Bochy with San Diego (1996-2006).

Friedman has engineered 53 trades that have turned over the major league roster and improved the minor league system. The Rays current 40-man roster features 21 players whom Friedman has acquired via trade. Amazingly, in his eight years, he has acquired 10 players either through trades, free agent signings or the draft who have made their first All-Star Team with the Rays: Jason Bartlett, Matt Joyce, Evan Longoria, Matt Moore, Dioner Navarro, Carlos Peña, David Price, Fernando Rodney, Rafael Soriano and Ben Zobrist.

This past offseason, Friedman made a number of significant additions to the organization. In January, the Rays awarded two of the three largest free agent contracts given by the current ownership group under Stuart Sternberg. First baseman James Loney—the team’s leading hitter in 2013—signed a three-year, $21 million contract, and 2013 All-Star closer Grant Balfour returned to the Rays for $12 million for two years after three years with Oakland. In December, Friedman conducted his first three-team trade getting catcher Ryan Hanigan from the Cincinnati Reds and veteran reliever Heath Bell from the Arizona Diamondbacks.

In January, the Rays acquired five players, including infielder Logan Forsythe and reliever Brad Boxberger, from the San Diego Padres in a seven-player deal. The Rays also retained veteran free agents Jose Molina and David DeJesus by signing them to multi-year deals.

On the international front, the Rays have significantly increased their presence in Latin America with an expanded scouting staff and training facilities in the Dominican Republic, Venezuela and Colombia. The Rays have also expanded their efforts in Europe and Asia.

In December 2011, Friedman was named to MLB’s eight-person International Talent Committee responsible for discussing the development and acquisition of international players. Prior to assuming his current role, Friedman spent two years with the Rays serving as director of baseball development. His previous experience includes two years as an analyst with New York City-based investment firm Bear, Stearns & Co., Inc. and three years as an associate for the private equity firm MidMark Capital.

Friedman received a baseball scholarship to Tulane University, where he graduated with a bachelor of science in management with a concentration in finance. He played outfield for the Green Wave before injuring his shoulder. Andrew and his wife, Robin, reside in St. Petersburg with their two young sons, Ethan Jack and Zachary Evan.