"In this year of transition for the Flyers, I think Paul has moved quickly and decisively to better our team on the ice and position us for the future," Flyers chairman Ed Snider said in a statement. "He has the right vision of what we need going forward and is very deserving of the opportunity to be our general manager."
Holmgren, 51, replaced Bob Clarke as GM on Oct. 22. He was assistant GM for the previous seven seasons.
"I am extremely happy and excited that things have turned out the way they have," Holmgren said in a statement. "I want to thank Mr. Snider and (Comcast-Spectacor president) Peter Luukko for this tremendous opportunity and I look forward to the future and the task at hand."