McCarthy joins Ipswich with them in bottom place in the Championship and has signed a contract until the end of the 2014/15 season. Joining him will be Terry Connor who worked as his assistant at Wolves before replacing him as manager.
He said, after the appointment was confirmed: “I’m obviously delighted to have been given the job as Ipswich Town manager and I’m looking forward to the challenge ahead.
“It’s a fantastic football club, with a proud tradition and history and a terrific fan base. While the long term ambition is to take the Club back into the Premier League, it’s clear that the first priority is to get some confidence back into the team and start climbing the table.”
Town chief executive Simon Clegg added: “I am delighted to welcome Mick and Terry to Portman Road. We are under no illusions of the challenge ahead for this Club given our position in the table but we feel we have the right manager to lead that challenge.
“Mick has a wealth of knowledge in the game and has shown that he knows how to compete successfully in the Championship in his time at both Sunderland and Wolves. While the first task is to guide the Club away from our current position, we believe Mick has all the credentials and drive to eventually bring success back to Ipswich Town.”