Adam Pearson feels like he is "coming home" after returning to Hull and is confident the club will soon be moving forwards again.
The former Derby chairman on Monday began a second spell as Hull chairman less than a week after leaving Pride Park.
Pearson, who takes over following Paul Duffen's resignation last Thursday, said: "It's happened very quickly over the last week. The owner decided it was important we had a new direction so I'm delighted to be here, it's like coming home."
Pearson oversaw City's rise from near bankruptcy to the Championship in six successful years from 2001 but left after the club were taken over by a consortium headed by Duffen.
Hull went on to secure promotion to the Barclays Premier League after his departure but he returns days after it was revealed the club's finances are in a parlous state and with manager Phil Brown's position under intense scrutiny.
Pearson added: "The infrastructure of the club seems pretty much the same. We have got one or two issues to address but I am sure we will do that.
"Everything here looks as though it can be put right pretty quickly. Hopefully we can sort on the pitch out as well and move forward there and get a bit of team spirit and unity back together."
Hull have been warned they could face a deficit of £23million if they are relegated from the top flight this season.
Among Pearson's immediate priorities will be to trim a wage bill that has been reported to have reached £40million.
"Everything I can see on those accounts looks to me as though it's solvable and I don't think there should be any dramatic panic about our financial situation," he said.
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