The Chicago Bulls have confirmed that they have hired Fred Hoiberg as their new head coach.

The Bulls were in need of a new coach after the club fired Tom Thibodeau shortly following their elimination from the NBA playoffs in the Eastern Conference semi-finals.

Hoiberg joins Chicago from Iowa State University, where he served as their head coach for the past five years, guiding the team to a 115-56 record and four straight appearances in the NCAA tournament.

"I am very excited and thankful for the opportunity to coach the Chicago Bulls. Everyone back in Ames knows what Iowa State means to me and my family. I am closing a special chapter in my life and beginning a new one here in Chicago," Hoiberg told the club's official website.

"Being a head coach in the NBA has always been a goal of mine and to be able to do it at this time with the Bulls was the right fit for me. Having played in the league for 10 years, and then worked in a front office of an NBA team for four years, I am ready to begin this next phase of my career and help this team win an NBA Championship."

General manager Gar Forman added: "In Fred, we feel that we've got a guy who has a terrific package of skills: a winning coach, a natural leader and a great communicator.

"He is a guy that has played in the league, has been an executive in the league and has had unparalleled success coaching at Iowa State—winning multiple Big 12 Championships, consistently having nationally-ranked teams and NCAA tournament teams.

"There is no question that we think he's the right fit and that he will maximize the potential of this team."

Hoiberg becomes the 19th head coach in the history of the Bulls' franchise.