Wolves have appointed Terry Connor as manager for the remainder of the season.
Connor, who was assistant to the sacked Mick McCarthy, will be in charge for the remaining 13 games.
He will be at the helm for the first time in Saturday's Barclays Premier League clash at Newcastle.
Wolves chairman Steve Morgan has been searching for the right man to lead the club and still insists he was right to sack McCarthy.
A host of managers were linked with the role, including Steve Bruce, Alan Curbishley, Walter Smith and Brian McDermott, but the club have opted to promote from within.
Morgan said: "This is a very important appointment and this is not one you can make on a knee-jerk response.
"We have seen a number of people, nowhere near the amount of people that has been in the media.
"We went through the process and narrowed it down and it became clear from the way the players were responding to Terry that he was the right man."
He added: "Mick has done a fantastic job at this club. Each season that I've been here working with Mick, Mick has taken this club forward.
"This season it was different. The decision we had to take after the West Brom game (a 5-1 defeat after which McCarthy was sacked) was: was it right to continue the way we were going or was it right to make a change?
"Of course I'm convinced it was the right thing to do."
Morgan reiterated his confidence in the club's recruitment process. He did not entertain criticism of how Wanderers have gone about finding McCarthy's successor, but gave a heavy hint that he was not as happy with the conduct of those outside the club.
"We've interviewed a number of candidates who were available and that's a normal process," he added.
"We have never once broken the confidence of the people we've spoken to. Other people have unfortunately broken confidences.
"I can't control what other people do, I can only behave professionally and handle things from our side.
"I have nothing to be embarrassed about, this club has nothing to be embarrassed about.
"One or two other people may have and may have leaked things."
Wolves chief executive Jez Moxey echoed the owner's sentiments, suggesting the club had treated the appointment with the importance it deserved.
"The process we've followed, despite what people may think, has been a really diligent, professional approach," he said.
"Part of the problem with football is there's not enough due diligence done in appointing managers, which is why we have the merry-go-round.
"We believe we have the best man for the job having assessed the market place as it is today."
Connor, meanwhile, was delighted to be given the opportunity to prove himself.
"I'm very, very proud," he said. "It's a privilege and a great honour to be asked to look after the team for the remainder of the season."
Terry Connor factfile:
1962: Born November 9, in Leeds.
1979: Signs for Leeds.
1983: Joins Brighton, where he scored 51 goals in 156 league games.
1986: November - Scores on his one and only appearance for England Under-21s, a 1-1 draw against Yugoslavia at Peterborough.
1987: Moves to Portsmouth.
1990: Joins Swansea.
1991: Signs for Bristol City.
1992: Returns to the Swans on loan.
1993: Joins Yeovil, where he finishes his playing career a year later.
1999: Appointed reserve team coach at Wolves after spells on the staff at Bristol Rovers and Bristol City.
2007: Becomes first-team coach.
2008: August - Named assistant manager to Mick McCarthy.
2012: February 24 - Appointed manager of Wolves until the end of the season.