Hull have confirmed the appointment of Adam Pearson as the club's new executive chairman.
Pearson's return to the club for a second spell had been widely anticipated after the resignation of Paul Duffen last week.
The former Derby chairman takes charge with the club in a difficult situation both on and off the field.
Saturday's 2-0 defeat at Burnley left the team 18th in the Barclays Premier League - amid a run of just three wins in 33 games - while financial results published last week revealed serious concerns over the club's viability.
Pearson said: "I am delighted to be back at Hull City as chairman.
"Hull City is a club I know well and care passionately about.
"There are obviously significant challenges ahead but with real hard work from me and my staff, allied to the usual outstanding support of Hull City fans, I am sure we will take the club forward again."
Pearson was previously at the helm from 2001-07, overseeing the club's successful rise from near bankruptcy to the Championship.
He moved to Derby after a consortium headed by Duffen bought the club but left Pride Park last week.
Among his immediate concerns is the position of manager Phil Brown.
Brown was initially appointed by Pearson in December 2006 and went on to guide the club to the top flight for the first time in their history, but recent form has placed him under heavy scrutiny.
Pearson has not given any long-term guarantees but has assured Brown he will at least be in charge for Sunday's clash with Stoke at the KC Stadium.
Speaking before his appointment, Pearson told the Hull Daily Mail: "Phil is the manager of Hull City and he still will be next Sunday.
"It's a results business but he retains my full support. I'll be there to provide as much support as is possible for the manager.
"I'll bring a fresh pair of eyes to it and hopefully, in conjunction with the manager, we can turn things around on the pitch."