Everton chairman Bill Kenwright says results under former manager Rafa Benitez were "unacceptable".
Kenwright's comments came in the introduction to Everton's 2020/21 accounts, released on Tuesday evening.
He wrote: “We have been forced once again to make changes in the most important positions at the football club. In January Rafael Benitez left us following an unacceptably disappointing run of results – and we were delighted to welcome Frank Lampard as our new first-team manager."
Lampard is said to have impressed “enormously" during the search for Benitez's replacement. Kenwright wrote: “He came across as a modern, ambitious and exciting young manager. He expressed a clear vision on how he wants to take the club forward and he showed tremendous passion and genuine enthusiasm to join us.
“Evertonians embraced him almost instantly and I think we can safely say that Frank has already validated Alan Ball's famous phrase that: 'Once Everton has touched you nothing will be the same.' Although it was heart-warming to witness the unity and passion inside Goodison Park during Frank's first match against Brentford and, of course, more recently against Newcastle, none of us underestimated the situation he inherited nor how much support he will need in the coming months to lead us through difficult times. All Evertonians wish you well, Frank."
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