Manchester United appointed David Moyes to succeed Alex Ferguson as manager on Thursday and the Everton boss has signed a six-year contract with the Premier League champions.
Moyes, who announced earlier that he would be leaving Everton after 11 years there, was the hot favourite to take over from his fellow Scot at Old Trafford and was recommended by Ferguson for the post.
"When we discussed the candidates that we felt had the right attributes we unanimously agreed on David Moyes," Ferguson, who is staying at United as an ambassador and director, said in a statement.
"David is a man of great integrity with a strong work ethic. I've admired his work for a long time and approached him as far back as 1998 to discuss the position of Assistant Manager here.
"He was a young man then at the start of his career and has since gone on to do a magnificent job at Everton. There is no question he has all the qualities we expect of a manager at this Club."
Moyes will start his new job on July 1, taking over from Britain's most successful manager who is retiring at the end of the season after winning two Champions Leagues, 13 league titles, five FA Cups in more than 26 years at United.
Everton had earlier confirmed that Moyes would be leaving, saying the Scot had told chairman Bill Kenwright that he wanted to join United.
"The chairman, on behalf of the club, would like to place on record his thanks to David for the massive contribution he has made to Everton since his arrival in March 2002," Everton said in a statement on their website (www.evertonfc.com).
"He has been an outstanding manager."
Name: David William Moyes
Date of birth: April 25, 1963
Place of birth: Glasgow, Scotland
Teams: Celtic (1980-1983), Cambridge United (1983-1985), Bristol City (1985-1987), Shrewsbury Town (1987-1990), Dunfermline Athletic (1990-1993), Hamilton Academical (1993), Preston North End (1993-1999)
Scottish League Premier Division (1): 1981-82
Preston North End
Football League Third Division (1): 1995-96
Teams: Preston North End (1998-2002), Everton (2002-2013), Manchester United (2013-)
Preston North End
Football League Second Division (1): 1999-2000