The Pistons issued a press release on Van Gundy's hiring on their official website:
"The Detroit Pistons announced today that Stan Van Gundy has been appointed head coach and president of basketball operations. Per team policy, terms of the agreement were not disclosed. Van Gundy will be formally introduced at a press conference in Auburn Hills tomorrow.
"'Stan is a proven winner in our league. He instills his teams with passion, purpose and toughness. He is a great teacher who will help our players grow and develop,' said Pistons owner Tom Gores.
"'Stan is more than just a great coach, he's a great leader. What I'm most excited about is how Stan can help us shape the franchise and instill what it means to be the best. He's also a great communicator. My time with Stan has me convinced that he will bring our players, team and community to a very proud place.'
"'It's an honor to be chosen to help Tom Gores build the Pistons into a team that competes for championships,' said Van Gundy. 'Tom's vision of building for the future, while seeking immediate improvement is a challenge that I embrace.'
"'We will work to put a team on the floor that reflects the franchise's rich tradition and embodies the toughness and work ethic of fans in the Detroit area.'"
The Detroit News' Vincent Goodwill stresses Van Gundy's contract is for five years and $35 million for both positions with the team. He becomes the third NBA coach to assume similar responsibilities, joining the Los Angeles Clippers' Doc Rivers and the San Antonio Spurs' Gregg Popovich.
On the other hand, Vince Ellis of The Detroit Free Press reports Van Gundy impressed Pistons management during his interview, locking up the two jobs in the process. Ellis also says former interim coach John Loyer is still under contract, so there is a possibility he will be one of Van Gundy's assistants for the 2014-15 NBA season.
"Detroit Pistons ownership representatives realized that they had their guy during a recent meeting in Los Angeles.
"Stan Van Gundy, the team's new president of basketball operations and head coach, flew out to the West Coast to meet with Pistons owner Tom Gores and Platinum Equity representatives.
"And he proceeded to knock the interview out of the park.
"So it was a mere formality when the news leaked Tuesday that Van Gundy would replace Joe Dumars as Pistons president of basketball operations and John Loyer as Pistons coach. The team made the official announcement today."
Van Gundy, a Northern California native, was reportedly being eyed by the Golden State Warriors to take over for Mark Jackson, who was fired last week after three seasons with the team. However, the Pistons emerged victorious in the end, per ESPN's Marc Stein.
Within hours of Gundy's hiring being made official by Detroit, former Phoenix Suns general manager Steve Kerr agreed to become head coach of the Warriors on a five-year, $25 million deal, according to ESPN.
The 54-year-old Van Gundy, who never had a losing season in eight years as coach of the Miami Heat and Orlando Magic, has amassed an overall record of 371-208 (.641) through May 14, per Basketball-Reference.com.
He led the Magic to a 59-23 (.720) record and an NBA Finals appearance against the Los Angeles Lakers in the 2008-09 NBA season, only to lose in five games.