Tom Thibodeau is the new head coach of the Minnesota Timberwolves. The former Chicago Bulls head coach was formally hired Wednesday night. He will also serve as the team’s president of basketball operations. The two sides reportedly agree to a five-year deal in the neighborhood of 40-million-dollars for the span of the pact. Thibodeau began his NBA coaching career as an assistant coach with Minnesota in 1989. The Timberwolves went 29-and-53 this season. The Wolves also named long-time NBA executive Scott Layden as the new general manager. He currently serves as assistant general manager for the San Antonio Spurs. He will join Minnesota once the Spurs’ season is over. Thibodeau and Layden worked together with the New York Knicks.