The 50-year-old Scot will take over from the retiring Sir Alex Ferguson at Manchester United after an 11-year spell with the Toffees, having worked miracles on Merseyside with a shoestring budget.
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“It was very emotional,” Moyes told reporters.
“When I came in the stewards were all clapping me and I didn’t know what to do. I came here 11 years ago and I was emotional then when I walked out on the pitch.
“I’m really fortunate at the reception today. I’m gobsmacked very thankful and humbled at what the people at Everton have showed me today.
“The players didn’t get caught up in the occasion and were a credit.
“They’ve done great all season. For us to finish where we are without the resources is incredible. Up until two weeks ago you’re still talking about the Champions League.”
Moyes was brought to Everton by Bill Kenwright in March 2002 after a four-year period in charge of Preston North End, and was also quick to praise the Toffees chairman.
The 50-year-old continued: “The chairman [Bill Kenwright] took a big gamble on me at the time. He gave a young, British manager an opportunity to work and deserves enormous credit.”