Updated

The Boston Red Sox announced on Sunday that John Farrell has been named to their vacant managerial post.

Farrell takes over for Bobby Valentine, who was fired after one season in which he led the Sox to a last-place finish and 69-93 record -- worst for the franchise in almost 50 years.

"We are thrilled to name John Farrell as our new manager," said Red Sox general manager Ben Cherington. "John has been a major league pitcher, front office executive, coach, and manager. His broad set of experiences, and exceptional leadership skills, make him the ideal person to lead our team. I have known him in various capacities throughout my career, and I hold him in the highest regard as a baseball man and as a person."

The 50-year-old Farrell led the Blue Jays to a 73-89 mark in 2012, good enough for fourth place in the AL East. He arrives in Boston thanks in part to a series of transactions, one of which was the swapping of shortstop Mike Aviles for pitcher David Carpenter.

The Red Sox, who also agreed to a three-year contract through the 2015 season with Farrell, received permission to talk to the then-Blue Jays skipper on Saturday night, and the deal to trade players was contingent upon the Sox reaching a deal to make Farrell their new manager.

Farrell, who ended his tenure in Toronto with a 154-180 record, was Boston's pitching coach from 2007 through 2010. Prior to that, he served as director of player development for the Cleveland Indians from 2001-06.

"I'm extremely excited to be returning to the Red Sox and to Boston," said Farrell. "I love this organization. It's a great franchise in a special city and region, with great fans, and we want nothing more than to reward their faith in us."

A native of New Jersey, Farrell pitched in parts of eight seasons from 1987-96 for the Indians, Angels and Tigers.