Wolves officially name Thibodeau head coach, president

The Minnesota Timberwolves officially hired Tom Thibodeau as the team's head coach and president of basketball operations Wednesday. The franchise also announced the hiring of Scott Layden as general manager.

"We are extremely excited to welcome Tom Thibodeau back to the Timberwolves," owner Glen Taylor said in a statement. "Through this process we quickly identified Tom as the best leader to shape our talented team and help them realize their full potential."

Thibodeau's first NBA job was with the Wolves as an assistant coach from 1989-91.

Related: Thibodeau had mullet last time he coached Timberwolves

The 2011 NBA Coach of the Year with the Chicago Bulls, Thibodeau parted ways with Chicago last May and was out of the league this season. He remained the prized catch in the coaching market, and it won't come cheaply for Minnesota. Thibodeau will apparently be paid about $8 million per season over five years, with Layden getting more than $2 million annually, according to ESPN's Marc Stein.

Thibodeau reportedly wanted full organizational control over basketball matters - an enviable prospect given the Wolves' young talent. Karl-Anthony Towns is a lock to be named NBA Rookie of the Year in the coming days, joining teammate Andrew Wiggins, who won the award last season.

Layden was an assistant general manager with the San Antonio Spurs for the last four years. He served as GM of the New York Knicks from 1999 to 2003.