In a move that was expected to transpire at some point before the NHL  draft at the end of June, the Bruins announced Monday afternoon that GM Peter Chiarelli has signed a multiyear contract extension with the Black and Gold. Chiarelli was entering into the fourth and final year of a deal that he signed when he took the B’s reigns back in May 2006. The B’s executive had been negotiating with Jeremy and Charlie Jacobs over the course of the last few months, and it was fully expected that Chiarelli would remain with Boston for next year and beyond.
Chiarelli and Charlie Jacobs will hold a press conference in Legends at the TD Banknorth Garden  at noon on Tuesday, and it’s also expected that Chiarelli will discuss his own situation as well as provide updates on the upcoming NHL  draft and current contract negotiations with restricted free agents like Phil Kessel  and Matt Hunwick.
The B’s GM deserved plaudits — and a new pact — for steadily steering the organization back from oblivion over the three years after taking hold of a beleaguered franchise with an expansion team-level roster. Chiarelli and the B’s staff have stocked an NHL roster full of young, improving players — with some as holdovers from Boston’s prior front office regime — and built the foundation around a pair of big-ticket free agents in Zdeno Chara  and Marc Savard .
Young skilled players like Phil Kessel, David Krejci , Blake Wheeler  and Milan Lucic  have all made the jump to the NHL level during Chiarelli’s tenure, and the B’s GM locked down All-Star goaltender Tim Thomas  to a four-year deal earlier this spring. Goaltender Tuukka Rask  and center Zach Hamill represent another wave of talented youngsters that have performed well at Providence, and stand ready to support the Boston hockey club in the near future.
Chiarelli was named the NHL’s Executive of the Year by the Sporting News for the 2008-09 season, and watched his hockey team improve by 22 points last season en route to capturing the Eastern Conference title. The B’s season ended in a Game 7 overtime loss to the Carolina Hurricanes  in the Stanley Cup  semifinals, but the organization is clearly on the right track.
Chiarelli has made missteps — signing Dave Lewis as his first coach and trading away prospect Kris Versteeg rank as the two biggest gaffes during his three seasons in charge of hockey operations. But the GM earned a contract extension for his overwhelmingly impressive body of work in Boston.
The GM’s biggest mandate was to come in and make the Bruins a tough, “hard to play against” unit with equal parts grit and skill, and he’s succeeded in molding a group of players into that classic image of a successful hockey club. Chiarelli’s work remains incomplete as he faces an important summer of negotiations with free agents — and potential trade talks if those contract discussions don’t go as well as expected — amid a shrinking salary cap. With a completed contract extension in hand, Chiarelli is now free to focus on the other tasks calling for his attention.
It’s also expected that Chiarelli will now turn toward a contract extension for head coach Claude Julien  and members of his coaching staff — who are all expected to return for the 2009-10 season — after the Jack Adams  Award finalist posted 94 wins over the last two seasons behind the Boston bench.
Before joining the B’s in 2006, Chiarelli was under the employ of his hometown Ottawa Senators  for seven seasons, five as their director of legal relations and two as assistant GM. Chiarelli played four seasons of college hockey at Harvard, where he served as the team’s captain. He had 21 goals and 28 assists for 49 points in 109 collegiate games before earning his degree in economics in 1987.
The elder Jacobs gave plenty of evidence that an agreement was looming — perhaps to be announced after the Stanley Cup Finals were over — when he spoke with WEEI’s “Dale & Holley” last week.
‘I made this observation a few weeks ago. I didn’t hire Peter for four years. I hired him for his career. Peter wants to stay a Bruin. He sees this as a long range career relationship and I see the same. It’s evolving,’ said Jeremy Jacobs. ‘I kind of see him in a long term executive relationship and I think he sees himself in the same spot.”