Everton have confirmed Ronald Koeman as their new manager on a three-year deal.
The Toffees will pay about £5m compensation for the 53-year-old, who leaves Premier League rivals Southampton after two years in charge.
Everton have been without a manager since sacking Roberto Martinez just before the end of the 2015-16 season.
Koeman said Everton is a club with a “great history and real ambition”, while chairman Bill Kenwright called the Dutchman his “number one target”.
A deal with the former Netherlands international, headhunted by new owner Farhad Moshiri, was agreed earlier in the week and is reported to be worth about £6m a year.
The official announcement was delayed until Koeman had returned from holiday.
“Ronald has such a strong track record in the game, instantly commanding respect for what he achieved as a player and for his qualities and accomplishments as a manager,” added Kenwright.
“We are really pleased to have secured the man who was our number one target from the moment we set out to appoint a new manager.”
Saints finished seventh and sixth under Koeman – their best Premier League campaigns.
He is expected to be joined at Goodison Park by brother Erwin and fitness coach Jan Kluitenberg, though a deal for the pair is yet to be finalised.
Everton also considered Unai Emery, who has just left Spanish side Sevilla after winning the Europa League for the third successive season, and Manuel Pellegrini after he left Manchester City, but Koeman was at the top of Moshiri’s list.
Southampton said their search for a new manager has already started.