Former England manager Steve McClaren has been appointed as the new head coach of Newcastle United.
The 54-year-old succeeds John Carver, who was sacked on Tuesday, and has also been named on the club's board.
Mike Ashley has quit as a director but remains owner.
McClaren, who has signed a three-year contract that could be extended to eight years, said: "This club has waited far too long to win a trophy. That's one of my primary objectives."
McClaren, sacked by Derby in May, had turned down the Magpies job twice.
He was approached after Alan Pardew's departure in December and then again with three games left of the Premier League season.
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Newcastle only secured their top-flight status on the final day after winning just three of 20 matches under Carver.
Manchester City's Under-21 squad manager Patrick Vieira had also been in the running for the role at St James' Park.
McClaren managed England from 2006 to 2007 and also had spells in charge of Middlesbrough, Nottingham Forest, German side Wolfsburg and Dutch club Twente.
He was appointed Derby coach in September 2013 and led the Rams to the Championship play-off final in 2014.
Derby were among the favourites for promotion last season but finished eighth despite being second in the table with 11 games remaining.
'I'm here to win trophies'
Newcastle's last major trophy was the 1955 FA Cup, so one of McClaren's priorities is to win silverware.
"There's a lot of work to do, but the club has made it clear about wanting success and I would not have come here if I didn't believe they were serious," he said.
"A club the size of Newcastle United should be winning cups and finishing in the top eight in the Premier League."
The right man for a 'huge' job
Magpies managing director Lee Charnley said McClaren was the "perfect fit" for Newcastle.
"He has a proven track record of being an innovative and forward-thinking coach and developing and improving players," said Charnley.
|Born: 3 May 1961||Teams managed: Middlesbrough, England, FC Twente (twice), Wolfsburg, Nottingham Forest, Derby|
|Clubs played for: Hull City, Derby County, Lincoln City (loan), Bristol City, Oxford United||Management honours: League Cup 2004 (Middlesbrough), Eredivisie 2010 (FC Twente)|
|Playing honours: Football League Second Division 1987 (Derby)|
"This is a huge job which comes with considerable pressures and I am convinced that Steve not only understands the weight of expectation that comes with this role, but that he has the strength of character and professionalism befitting of a club of our size and status.
"Steve has been tasked to secure a top-eight finish in the Premier League and is also heavily incentivised to try to win a cup competition."
All change in the boardroom
Newcastle have taken the unusual step of naming their head coach as a member of the board.
Charnley, who is also on the board, said it was important for McClaren "to gain a full understanding and appreciation" for the club.
McClaren is joined by chief scout Graham Carr and club ambassador Bob Moncur, with finance director John Irving leaving the club.
Has McClaren signed up for a 'toxic' role?
Ashley has endured a fractious relationship with Newcastle supporters since taking control in 2007.
Former Newcastle goalkeeper Shaka Hislop told BBC World Service that McClaren "has proved himself to be a fantastic coach" but wondered if he had the power to turn things around.
"My only concern is that Newcastle's biggest problems are elsewhere," said Hislop. "You have to look higher up the food chain for that.
"You just wonder how toxic a position it is. Time will tell, but I continue to believe the problems are with the ownership of Mike Ashley."