Parkinson came to Charlton as Alan Pardew's assistant in January 2007
Charlton have appointed caretaker boss Phil Parkinson as their new manager on a permanent basis.
The Addicks are rooted to the bottom of the Championship table after a nightmare season, and parted company with Alan Pardew on 22 November.
"The overwhelming feeling was that Phil was the best man to lead us and rescue us from our current plight," said Charlton chairman Richard Murray.
Parkinson has won three points from the eight games he has been in charge for.
"I'm obviously delighted with the board's decision, and I fully intend to make the most of this opportunity," said Parkinson.
"January is a very important time for the club and while we are in a similar position to most Championship clubs with little money around, it's up to us to wheel and deal to the best of our ability to improve the squad and give us a fighting chance of staying in the division."
Charlton have not won a league game since 4 October, and are four points adrift of second-from-bottom Southampton.
"With 20 matches remaining this season, we were aware that time was an issue, particularly with the January transfer window opening on Thursday," added Murray.
"Phil knows the players, knows the strengths and weaknesses of the side, and has huge Football League experience. Perhaps most importantly, he is a strong character and knows how to battle against adversity."
The 41-year-old played for Bury and Reading before moving into management with Colchester, who he guided into the Championship in 2006.
He then took the reins at Hull, but it proved an unsuccessful move as he left the club after less than six months in charge.
Parkinson was brought in as Pardew's assistant at The Valley in January 2007, and stepped up as caretaker boss in late November in the wake of Pardew's departure.
The Addicks have not won any of the eight Championship games that Parkinson has been in charge for as caretaker, with his only points coming courtesy of draws against QPR, Derby and Southampton.
I've been greatly impressed by Phil's motivational skills
Charlton chairman Richard Murray
"There has been a lot of hard work behind the scenes and performances have improved, although that hasn't been shown by results yet," added Murray.
"We've looked at the alternatives, but the calls and discussions we've had, given the current situation, have led us to conclude that there is no one better than Phil to turn things around, and we believe any money the club currently has to invest must be spent on the pitch.
"Changing managers and the backroom staff comes at a very high cost, and it's clear we need to focus any investment on the pitch because that is what will really influence matters entering a hugely important period for the club.
"We need someone who can operate smartly during the January window and someone in place for the biggest game of the season, our next league match against Nottingham Forest on 10 January when it's absolutely vital to pick up three points.
"I've been greatly impressed by Phil's motivational skills, and with Mark Kinsella and Phil Chapple, both of whom have Charlton running through their veins, supporting him, we feel they are capable of doing the job that is required."
Charlton are looking to strengthen their squad as they attempt to avoid relegation to League One, with Murray expecting three or four players to join.
"Phil now has the authority to act quickly in the window to make the changes we feel are needed to the squad ahead of a vitally important four months," said Addicks chief executive Steve Waggott.
"I think everyone would agree we have underperformed this season, and it was therefore obvious that, with limited time and resources, we needed someone with strong views on how to get the club out of trouble, and how to do it quickly."
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