Ronald Koeman has left Southampton and been confirmed as the new boss of Everton on a three-year contract.
Everton, who sacked Roberto Martinez last month after a disappointing 11th-placed finish in the Premier League, are now bankrolled by British-Iranian billionaire businessman Farhad Moshiri, who has reportedly offered Koeman a larger transfer budget than would have been available at St Mary's.
Koeman led Southampton to sixth in the Premier League table last season and into the Europa League for the second year in succession, an improvement on Saints' seventh-placed finish in 2014-15.
Southampton announced that they had accepted Koeman's resignation at 9.25 a.m. on Tuesday, and moments later Everton tweeted confirmation that he had made the switch to Merseyside.
- Everton (@Everton) June 14, 2016
"I am very excited to be Everton manager," Koeman told Everton's official website. "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."
Chairman Bill Kenwright added: "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.
"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."
Everton had previously been linked with Unai Emery and David Moyes, who left the club to join Manchester United in 2013.
Sources told ESPN FC last week that the Dutchman was close to a move and it has now been completed with a reported compensation payment of £5 million. Brother Erwin and fitness coach Jan Kluitenberg are expected go with him to Goodison Park.
A statement from Southampton read: "Southampton Football Club can today confirm it has accepted the resignation of First Team Manager Ronald Koeman, and completed negotiations with Everton over his move to Goodison Park.
"The search has already begun for the right appointment who can take the club to the next level and build on our track record of recent success, which culminated in a sixth-place finish in last season's Premier League, as well as qualification for the group stages of the Europa League.
"Our focus now is to build on our long-term plan, and work with a new management team who share both the club's and our supporters' values and ambitions."