The Scot replaces the Scot on July 1.
Ferguson, who was at the helm of United for 26 years, gave the appointment his seal of approval.
“When we discussed the candidates that we felt had the right attributes we unanimously agreed on David Moyes,” he said.
“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.”
“It’s a great honour to be asked to be the next Manager of Manchester United. I am delighted that Sir Alex saw fit to recommend me for the job. I have great respect for everything he has done and for the football club.”
Moyes is aware of the task he faces to follow who he describes, and most agree, was “the best manager ever”.
“But the opportunity to manage Manchester United isn’t something that comes around very often and I’m really looking forward to taking up the post next season,” Moyes said.
“I have had a terrific job at Everton, with a tremendous chairman and Board of Directors and a great set of players. Between now and the end of the season, I will do everything in my power to make sure we finish as high as possible in the table.
“Everton’s fantastic fans have played a big part in making my years at Goodison so enjoyable and I thank them wholeheartedly for the support they have given me and the players. Everton will be close to me for the rest of my life.”
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