Everton have announced the appointment of Ronald Koeman as their manager on a three-year deal, reportedly costing the club around £5 million in compensation.
Koeman, who was contracted to Southampton hence the compensation, has been brought in to replace Roberto Martinez after the Spaniard was sacked in May following a below-par Premier League season that saw the Toffees finish in the bottom half of the table in 11th place.
In stark contrast to Martinez, the Dutchman performed above all expectations in his two years with the Saints, breaking their Premier League points record in both campaign, guiding them to sixth last term and earning a place in next season's Europa League.
"We are really pleased to have secured the man who was our No 1 target from the moment we set out to appoint a new manager," Everton chairman Bill Kenwright said in a statement.
"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.
"The hopes and aspirations that we all have as Evertonians are with him, as is our total support at board, shareholder and fan level."
Koeman added: "I am very excited to be Everton manager. I believe in the club, in the team, in the fans and in our ability to achieve things in the future.
"Everton is a club with a great history and real ambition and it is a proud feeling for me to be part of what we want to go and do, together with the chairman and Farhad Moshiri.
"I am looking forward to meeting everyone at the club and to preparing for a big season in the Premier League."