Everton assistant coach Alan Irvine has become the new manager of Preston after a compensation package was agreed by the two clubs.
Irvine is a highly respected figure at Goodison Park
The 49-year-old Scot joins with North End languishing one spot above the Championship relegation zone.
"You have to take great opportunities when they come along, and management was something I had to do before I finished in football," Irvine said.
"I wouldn't have done this if I didn't feel it was the right job for me."
Irvine, who has signed a three-and-a-half year deal to replace Paul Simpson.added: "I have left a fantastic job at Everton, where I was extremely happy and well looked after.
"But I've had a long apprenticeship, 15 years as a coach, to get to this position. I have had a thorough grounding and have gleaned a lot.
"Now I can take what I learned and put my own ideas into practice."
Preston chairman Derek Shaw said: "Alan's ready to have a crack at management. He's got a reputation as a top notch coach and his work ethic is amazing."
Simpson was fired a week ago, and Shaw is confident he has picked the right man to bring success to Deepdale.
"We are very pleased that Alan will be joining us," he added. "He's worked with Everton boss David Moyes and I know the amount of games they take in, you see them all over the country.
"David and Alan have set high standards at Everton and I'm pretty sure that Alan will continue to maintain those high standards at Deepdale."
Irvine played for Everton from 1981-94 and has been deputy to ex-Preston boss Moyes since leaving Newcastle's academy in 2002.
Irvine, an influential figure at Goodison, who also played for Queen's Park, Crystal Palace, Dundee United and Blackburn, recently spoke of his ambition to move into management.
Former Burnley boss Steve Cotterill, MK Dons manager Paul Ince and free agents Mike Newell and Paul Jewell had previously been linked with the Preston vacancy.
Former assistant boss Rob Kelly has been in charge of Preston since Simpson's departure.
England coach Steve Round is believed to be high on Everton's list as a replacement for Irvine.
Round worked as England manager Steve McClaren's number two at Middlesbrough and is currently on his staff with the national team and working under Sam Allardyce at Newcastle United.