The Chicago Bulls are past former head coach Tom Thibodeau who was sacked after another postseason fallout in the second round and introduced in a news conference Tuesday the new main man on the sidelines for the team, Fred Hoiberg.

Hoiberg spent five seasons as the head coach at Iowa State, his alma mater, compiling a 105-56 record before signing with the Bulls to replace Thibodeau.

"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," Bulls general manager Gar Forman said according to the team's website.

"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," Forman added.

In a report by Chicago Tribune, Forman said that Hoiberg was on the top of their list when they started their search for a new head coach.

The 42-year-old inked a five-year deal with the Bulls which will earn him nearly $5 million annually calling the chance "an unbelievable opportunity," according to the Chicago Tribune.

"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 stated according to the Bulls' 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," he added.

Hoiberg said he loves the Bulls' current roster praising the versatility adding that it has championship potential, according to the Chicago Tribune.

He also acknowledged Thibodeau saying, "Tom Thibodeau is an excellent, excellent basketball coach who instilled a lot of great qualities in this team."

The Bulls made it into the second round of the NBA playoffs and after leading the series 2-1, lost three straight to LeBron James and the Cleveland Cavaliers to bow out of the season.