Indianapolis, IN (My Sportsbook) - The Indianapolis Colts made the transition of power official on Tuesday, formally introducing Jim Caldwell as the club's new head coach.

Caldwell was named Tony Dungy's eventual successor last January and took over the reins on Tuesday, a day after Dungy announced his retirement.

"From this day forward I'll thrive in the quality environment [owner] Jim Irsay, [president] Bill Polian and Tony Dungy have created," Caldwell stated. "I want to thank each one of them for the confidence they have placed in me and what a privilege it is to direct one of the great organizations in the National Football League."

Caldwell had been a member of Dungy's staff for each of the past eight years, starting in 2001 with Tampa Bay and for each of the last seven years with the Colts. He served as quarterbacks coach for the first three seasons with Indianapolis before earning the title of assistant head coach before the 2005 campaign.

"I want to thank Tony for what he has done for me over the years," Caldwell added. "He set a great example for all of us in this profession."

Caldwell's lone head-coaching experience came on the collegiate level with Wake Forest from 1993-2000, guiding the Demon Deacons to a record of 26-63 with one winning season and one bowl appearance. He was also a college assistant at Iowa, Southern Illinois, Northwestern, Colorado, Louisville and Penn State.