"We talked about what was best for the organization and this is it," Ricketts said Saturday, one day after Wood signed a one-year, $3 million deal to stay with the Cubs.
Wood was considering other teams.
"In the end, it works out great," Ricketts said, "and this is what everybody wanted, every fan, everybody in the organization and also Kerry. He had a lot of offers. He could be in another city if that was his decision. From our standpoint, we're happy that he wants to stay with the Cubs."
Wood, 34, was drafted by the Cubs when he was 17 and has played all but two seasons -- 2009 and '10 -- with Chicago.
"I assume that going into the future, Kerry will always be part of the Cubs organization," Ricketts said.