WASHINGTON -- The Washington Capitals traded forward Chandler Stephenson to the Vegas Golden Knights for a 2021 fifth-round pick.

Washington needed to shed salary and chose Travis Boyd over Stephenson, who they dealt rather than risk losing him on waivers. The teams announced the move Monday night after Vegas played at the New York Rangers.

Stephenson, 25, helped the Capitals win the Stanley Cup in 2018 and is now in his third full NHL season. An excellent player on the defensive end and on the penalty kill, Stephenson has three goals and an assist in 24 games this season.

Vegas president of hockey operations George McPhee was Washington's general manger when it drafted Stephenson in the third round in 2012. He gives the Golden Knights some additional depth as they attempt to make the playoffs for the third time in three seasons of existence.

Winger Carl Hagelin's return from long-term injury prompted the salary cap-strapped Capitals to make a move. Team brass felt Boyd earned the opportunity to stick around in the NHL based on his play since being called up from the minors.

Boyd, 26, has a goal and six assists in 13 games with the Capitals this season.

"He's better than he was last year, in my mind," general manager Brian MacLellan said. "Offensive zone, he's controlled the play a little bit better. I think he's always been pretty good in the offensive zone, but he's winning more battles, he's creating off the cycle. I think he's done a great job for us this year."

The additions of Hagelin, free-agent signings Brendan Leipsic, Garnet Hathaway and Richard Panik made Washington feel good enough about its penalty-kill personnel to trade Stephenson, a longtime favorite of coach Todd Reirden for his fundamentally sound play.