West Ham suffered a 3-1 defeat at home at the hands of Liverpool last weekend.
David Moyes has launched a passionate defence of his managerial record and is hungry and determined to prove the doubters wrong at West Ham.
"It is a massive club, West Ham".
"At the moment they should be in a better position than they are, and I believe they will be come the end of the season".
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He added: "We've done a contract which suits both parties, we are all comfortable with it. Let's get the job done and then talk at the end of the year".
"We need somebody with experience, knowledge of the Premier League and the players in it, and we believe David is the right man to turn things around and get the best out of the players at the club", said Sullivan.
West Ham now find themselves 18th in the Premier League table after 11 games of the season.
Although it is understood that Moyes will receive a £2 million (S$3.5 million) bonus if he wins the battle against relegation, a break clause in his contract will allow West Ham to walk away if they are not sufficiently impressed.
Eleven years at Everton made him the club's longest-serving manager since Harry Catterick in the 1960s and '70s and brought four European campaigns and an FA Cup final.
The hope at the London Stadium will be that West Ham can measure up to Everton in terms of stature, given the money and the facilities at their disposal and the talent in their squad.