Carlo Ancelotti has left Everton to become head coach of Real Madrid after 18 months in charge of the Premier League side.
The 61-year-old Italian returns to Real Madrid where he managed for two years between 2013 and 2015.
He succeeds Zinedine Zidane who resigned at the end of the just ended season.
Ancelotti has signed a three-year deal at Real and said the move represented "an unexpected opportunity".
"I have complete respect for everyone associated with Everton and hope they can achieve the exciting opportunities they have in front of them.”
"While I have enjoyed being at Everton I have been presented with an unexpected opportunity which I believe is the right move for me and my family at this time."
Ancelotti will be presented to the media on Wednesday, while Everton said they "will begin the process of appointing a new manager immediately".
Ancelotti's arrival was regarded as a real coup by Moshiri, persuading one of the game's most decorated and respected figures to come to Merseyside to restore Everton to former glories.