A longtime executive who began his career after serving in World War II, Peters died on Sunday of complications from a recent stroke. He was 90.
The Indians said in a statement that Peters passed away in Boca Raton, Florida. Peters served as the club's general manager and president from 1987-91, his second stint with the franchise. Before coming to Cleveland, Peters spent 12 seasons with the Orioles, who had 10 consecutive winning seasons and won their third World Series in 1983 when he was there.
Orioles owner Peter Angelos was saddened to learn of Peters' death.
"Hank was highly regarded throughout baseball as a man of integrity and great character," Angelos said. "His impact was felt by multiple organizations throughout his 40-year baseball career, and he will be missed by all who knew him."
Peters came to Cleveland when the Indians were perennial losers. Hired by late Indians owner Dick Jacobs, Peters was credited him with helping set the foundation for a new downtown ballpark in Cleveland and turned around a foundering franchise.
Indians president Mark Shapiro called Peters "a cherished member" of the Indians family. Both the Orioles and Indians offered their condolences to Peters' daughter, Sharon, son, Steve, and grandchildren. Peters also worked in Cleveland as the club's vice-president/director of player personnel from 1966-71.
After serving in the Army, Peter broke into baseball with the St. Louis Browns, his hometown team. He and his wife, Dottie, were married for 59 years. She passed away in 2010.