David, 50, has been the Everton manager since 2002, joining after a successful spell as manager of Preston North End.
Announcing his successor, Sir Alex Ferguson said:
"When we discussed the candidates that we felt had the right attributes we unanimously agreed on David Moyes. 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.”