"This is a very exciting long-term project. I'm very privileged to have been given the opportunity under the new ownership to return to the club where I served my managerial apprenticeship," he said.
"I've been thoroughly impressed by the new investors and their fresh, aggressive and innovative approach to all sporting matters, as well as the marketing and commercial aspect of the club.
"QPR is a fantastic club, with a long and successful history and I'm going to relish the challenge that lies ahead."