Iowa State basketball coach Fred Hoiberg has made the jump to the NBA. Following weeks of speculation, the Chicago Bulls named Hoiberg as the 19th head coach in franchise history on Tuesday (June 2, 2015).

The hiring was made official during a 48-minute news conference. Terms of the contract were not announced, but it's believed to be a five-year, $25-million deal.

Hoiberg, 42, replaces Tom Thibodeau, who was fired by the Bulls last week after a couple of years of internal struggle with team management. Thibodeau coached Chicago the previous five seasons, leading the team to a record 255-139. The Bulls have made four-straight playoff appearances.
At the introductory press conference on Tuesday, Hoiberg called his latest venture as an "unbelievable opportunity."

"I love this roster," Hoiberg said after being introduced. "I love the versatility of the players, the different lineups we're going to be able to play."

Hoiberg is leaving his alma mater to make the jump to the NBA. In his five years at Iowa State, Hoiberg recorded a mark of 115-56 (.673). During his tenure, Hoiberg's teams posted four straight 20-win seasons, highlighted by the Cyclones going 53-17 (.757) over his last two seasons.

Under Hoiberg's leadership, the Cyclones made four-straight NCAA Tournament appearances (2012-2015) -- a first in school history.

To Read Iowa State Athletic Director Jamie Pollard's statement on Hoiberg, CLICK HERE.

“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,” said Bulls General Manager Gar Forman, a former Iowa State assistant. “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.”

Prior to manning the sidelines at Iowa State, Hoiberg spent 14 seasons in the NBA, 10 as a player and the last four in the front office of the Minnesota Timberwolves. As an executive, he spent one season (2009-10) as Vice President of Basketball Operations for the Timberwolves. In that role, he oversaw the day-to-day operations of basketball programs including college and pro scouting, salary cap management and NBA Draft preparations. He also served three seasons (2006-09) as the club’s Assistant General Manager.

“I am very excited and thankful for the opportunity to coach the Chicago Bulls," Hoiberg said. "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.

"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.”