Torre was elected alongside two other managing icons, Tony LaRussa and Bobby Cox, by the 16-member Expansion Era Committee.
LaRussa, Cox and Torre are third, fourth and fifth all times in wins as a manager, respectively. Torre managed to a career record of 2,326-1,997 with six American League pennants and four World Series wins while at the helm of the Yankees. He also managed the New York Mets and Atlanta Braves.
The managerial trio will be inducted into the Hall of Fame in Cooperstown, N.Y. on July 26, 2014.
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