Bronx, NY -- (Sports Network) - The New York Yankees announced Tuesday that they have reached an agreement with Brian Cashman to remain in his role as senior vice president and general manager through the 2011 season.

Cashman's current three-year contract was set to expire on October 31, and just last week he was not certain of his return. But Cashman, who has been the Yankees' GM since 1998, said in a statement he had a "job to finish" with the Yankees -- who missed the playoffs this season for the first time since 1993.

"I consider coming off a season where we didn't reach the playoffs for the first time since 1993 as a personal challenge," Cashman said. "I've never been one to run from a challenge, and I look forward to having the chance to go after this thing again."

Cashman figures to have a number of weighty decisions to make concerning the club's roster, but none of them could have been made without a GM in place.

"Before we could move forward as an organization this off-season, we needed to come to a resolution on the person who would hold the important position of general manager and allow us to make another run at a 27th World Championship," Hal and Hank Steinbrenner, co-chairpersons of the Yankees, said in a joint statement. "We are thrilled that Brian has accepted to renew his commitment to this organization for at least three more years."

The Yankees finished this season with an 89-73 record, but finished third in the American League East. It was the first time the Cashman-built Yankees had missed the playoffs, though was not the worst regular season record they had under him. The 2000 Yankees went 87-74 and went on to win the World Series.

New York won the AL East in each of Cashman's first nine seasons, and went on to win the World Series from 1998-2000.

"Brian has shown throughout his Yankees career that he has the dedication, integrity and know-how needed to perform -- and succeed -- in this environment," the Steinbrenners' statement said. "Having him in place allows us to begin an off-season of hard work, and we are pleased he will be working hand-in-hand with us to bring the New York Yankees back to the postseason."