CHICAGO — Bears president and CEO Ted Phillips will retire at the end of the 2022-23 season.

The Chicago Bears tweeted the news Friday morning and said he plans to retire in Feb. 2023.

The search for Phillips’ successor is underway. He has been with the Bears for nearly 40 years and was named president and CEO in 1999.

Known for his business acumen, Phillips was pegged to help lead the Bears through the Arlington Park process. On Thursday, it was announced that the Bears will hold a community meeting on Sept. 8, from 7 to 9 p.m., at John Hersey High School.

Conceptual plans for a “transit-oriented mixed-use entertainment district” surrounding the stadium will be introduced, according to the Village of Arlington Heights.

Phillips is only the fourth president in team history behind George “Papa Bear” Halas, George Halas Jr. and Michael McCaskey.

He got his start in 1983 as the team’s financial controller and rose through the ranks.

Phillips’ success leading football operations has not mirrored his business reputation. From 1999 through last season, the Bears have made the playoffs just six times. There have been four general managers under Phillips and five head coaches.

After the 2021 season, which led to the terminations of general manager Ryan Pace and head coach Matt Nagy, George McCaskey announced that the new GM would report to him directly, not Phillips.

To the media and fans, the Bears positioned the move as a way for Phillips to completely focus on helping the club go potentially developed Arlington Park as the next state-of-the-art facility in the NFL.