David Moyes was hired as manager of West Ham on Tuesday, securing a return to the Premier League despite tarnishing his coaching reputation with disappointing spells in charge of Manchester United and Sunderland.
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).
He was sacked by Spanish team Real Socieded after a year in charge before a 10-month spell at Sunderland, which he failed to keep in England's lucrative top division.
Gold, who alongside David Sullivan acquired a majority share of West Ham in 2010, insists he is "optimistic" Moyes can move the club in the right direction.
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Alvaro Arbeloa tweeted "better late than never" as the news broke that the struggling London club had made a decision to part ways with the manager who guided them to a seventh-placed finish two seasons ago.
"We believe David is the right man to turn things around and get the best out of the players at the club", West Ham's Joint Chairman David Sullivan said".
"I guess that's what's been our main reason for choosing David [experience], and I think it's flawless for him and ideal for us". "He is highly regarded and respected within the game and will bring fresh ideas, organization and enthusiasm", Sullivan added.
"You were talking about his experience, that's what we need".
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Bilic was let go following a chastening 4-1 loss to Liverpool at the London Stadium on Saturday that leaves them 18th in the table and facing a fight for Premier League survival. He will be telling us what he thinks we need.
Moyes' appointment has been greeted with dismay by many West Ham fans, given his lack of success since leaving Everton in 2013.
"I would like to welcome David to West Ham United", he told the Hammers' official website.
West Ham has won only two of its 11 matches in the Premier League and is in third-to-last place heading into the two-week worldwide break.
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