West Ham were thrashed 4-1 at home by Liverpool on Saturday and Bilic was sacked less than 24 hours after his side fell into the Premier League's bottom three thanks to Everton's 3-2 win over Watford.
The Scot's task is to establish the Hammers in mid-table.
His arrival will certainly lift the intensity of training and for good measure he has turned to Stuart Pearce, a former West Ham player he hopes he can persuade to join his coaching staff.
Co-chairmen David Gold and David Sullivan have a track record of mostly standing by their managers, and Sullivan said last month he wanted to honor Bilic's contract, which was due to expire at the end of the season, "unless things are desperate".
"I've always said I want to go back into club management", Moyes said in an interview with TV channel Bein Sports on Sunday, when speculation was rife about Bilic's imminent departure.
'We need the support, we need everybody with us.
'I'm looking forward to seeing them getting right behind the team and my team also.
US Walmart shooter charged with murder
Killed were 52-year-old Pamela Marques of Denver, 66-year-old Carlos Moreno of Thornton and 26-year-old Victor Vasquez of Denver. The family contacted a hospital, and Ostrem underwent a drug intervention but did not get psychological treatment, she said.
"We see this as an exciting opportunity to appoint a quality manager to the position to inject fresh ideas, organisation and enthusiasm into a very talented squad" they added.
Despite the decision to part ways, joint-chairmen David Sullivan and David Gold expressed their admiration for Bilic, and sadness at the club's predicament, a show of respect towards him with their club statement.
The 54-year-old Scotsman arrives with tremendous experience and pedigree, having managed in the Premier League for 14 seasons, with eight of the last nine ending in top eight finishes.
Alan Irvine is also expected to team up again with the former Everton and Manchester United boss, while Chris Woods was the one member of the Bilic backroom team to survive the axe yesterday.
He enjoyed a magnificent eleven-year tenure at Goodison Park, leading the Toffees to the UEFA Champions League, Europa League and an FA Cup final, before being hand-picked by Sir Alex Ferguson as his successor at Manchester United in the summer of 2013'.
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