David Moyes said he has a point to prove and is "hungry to get things right" after being appointed as West Ham's new manager.
Former West Ham defender Bilic is the fourth Premier League managerial casualty of the season, the Croatian's exit following those of Frank de Boer (Crystal Palace), Craig Shakespeare (Leicester) and Ronald Koeman (Everton).
Moyes - relegated with Sunderland last season - has been tasked with keeping West Ham in the Premier League.
But he says he and joint chairman David Sullivan will sit down with Moyes to discuss the areas the Scot believes needs improving.
"This is a unique position for David Gold and myself - it is the first time in nearly eight years at West Ham United that we have appointed a new manager during the season".
"I'm pleased, I think we've got the best man that's available at this time and I'm sure he's going to take us forward".
The 54-year-old Moyes has taken charge of 499 games in the Premier League, most during a successful spell with Everton from 2002-13.
His first game in charge will be an away trip to Watford after the global break on 19th November.
After Moyes emerged as the leading contender to replace Bilic, many West Ham fans regarded his proposed arrival at the London Stadium with scepticism. "We need the support, we need everyone with us".
West Ham has lost its last two home games in embarrassing fashion, against Brighton (3-0) and Liverpool (4-1).
Some cynics may suggest that the Moyes announced came so early in the day (before 9am) to avoid the inevitable backlash from angry West Ham fans. "We are all here to do the job and get West Ham in the correct position and move up the table".
"Sadly, performances and results have not been of the expected standard", Gold and Sullivan said in a statement, "and, in recent weeks, we have not seen enough indication of the required improvement to give us the encouragement that things would change and we would meet our Premier League aspirations this season".
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