In an official club statement released via the New York Stock Exchange, Ferguson gave his fellow Scot the seal of approval, stating: "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".
Sir Bobby Charlton, who Ferguson will be joining on the Old Trafford board of directors, also reserved special praise for Moyes, who he believes is in-tune with the club's ethos.
“I have always said that we wanted the next manager to be a genuine Manchester United man," Charlton explained. "In David Moyes, we have someone who understands the things that make this such a special club.
"We have secured a man who is committed to the long-term and will build teams for the future as well as now. Stability breeds success.
“David has tremendous strength of character and recognises the importance of bringing young players through and developing them alongside world class talent.
"At United, I think David will be able to express himself. I’m delighted he has accepted."