Once he was relieved from his duties as General Manager with the Boston Bruins last week, Peter Chiarelli became the hottest commodity in the front office market.

It didn’t take long for Chiarelli to find a new home.

On Friday, the Edmonton Oilers announced that they’ve hired the former Bruins GM to the same post. In addition, Chiarelli was named the President of Hockey Operations for the northernmost team in the National Hockey League.

Peter Chiarelli has been appointed #Oilers President of Hockey Operations and General Manager effective immediately. pic.twitter.com/U5XPzTNxKk

— Edmonton Oilers (@EdmontonOilers) April 24, 2015

To make room for Chiarelli, the Oilers parted ways with Kevin Lowe, who served as the team’s President of Hockey Operations for seven seasons.

Although the Oilers have been in rebuilding mode for the past decade, Chiarelli’s hire brings credibility to the Oilers organization. He has a tall task ahead of him, but will at least have a good starting point when Edmonton selects the uber talented Connor McDavid with the first overall pick in June’s NHL Entry Draft.

The search process for Chiarelli’s replacement in Boston is ongoing. President Cam Neely and CEO Charlie Jacobs are sperheading the process to fill the vacant GM spot.

Potential candidates include Assistant GM Don Sweeney, former Pens GM Ray Shero and Rangers Assistant GM – and former interim B’s GM – Jeff Gorton, just to name a few.