The Caley Thistle captain was confirmed as John Hughes’ replacement yesterday after signing a four-year contract.
The former Motherwell striker joined Inverness in 2009 and went on to score 45 goals in 209 appearances.
But a serious knee injury suffered in March 2014 consigned the Irishman to the sidelines for almost 18 months.
The 35-year-old did make a return to action towards the end of last season but he has now announced he has retired from active service to concentrate on his new duties.
Foran said: “This is a great opportunity and one I am going to relish. My intention will be to preserve continuity at the club while bringing a new freshness and playing style.
“Joining Caley Thistle seven years ago has proved a marvellous decision. Thanks to coming to the Highlands I now have a lovely wife, two lovely children and have had the most enjoyable part of my playing career.
“But I will now give up playing to fully focus on making a success of my new job. I want to push to bring further success to Caley Thistle, a special club in a special community.”
Foran replaces John Hughes, who quit earlier this month following a row over his transfer budget.
The final straw for Hughes came when he failed to strike a permanent deal for striker Miles Storey, who spent last season on loan with the club from Swindon.
Aberdeen eventually won the race for his signature but Foran reckons he can develop a style of play that will help the club reach the kind of heights they did in 2014-15, when Inverness finished third in the Scottish Premiership and lifted the William Hill Scottish Cup.
“I want to play exciting, attacking football which entertains the supporters,” he said. “I’ve identified areas in our play that I think I can improve, and I’ve identified what kind of players we need to bring in to improve our team.
“My target is to further strengthen the unity between supporters, directors, management and players – when we signal that we’re all on the same wavelength, that makes a huge difference.
“I’ve been fortunate, as club captain, to have an excellent relationship with the fans and I hope we can all move on with a scenario where everyone is focused on helping the team go forward.
“I would like to most sincerely thank the chairman and his fellow directors, for showing such faith in giving me this opportunity.
“My aim going forward is to justify their choice and give the supporters something to cheer about.
“There will be no wild predictions from me. I’ll now be getting on with the job quietly. I’m working on recruitment so that we’re ready to work hard when the squad returns for pre-season training.”
Hughes previously predicted Foran would be the man to take over from him and chairman Kenny Cameron admitted he had been eyeing the former Carlisle and Southend forward as a future boss for a while.
He said: “We are delighted to have Richie on board as the new manager of Inverness and we believe the length of contract demonstrates commitment on both sides.
“The board received and reviewed a high number of applications for the vacant position and Richie quickly became our preferred candidate,” he said in a statement published on the club website.
“This was cemented further during several meetings to discuss the role, his approach and view for the future. Our decision that he is the right man to lead the club was unanimous and we look forward to working closely with him on the next stage of what has been a remarkable journey.
“Richie has been a great asset to the club, both on and off the park, since joining us in 2009. He particularly understands the blend of spirit, values and togetherness that makes the club what it is. The influence and passion he exhibited as a player, combined with his clear determination and knowledge will all serve him well when it comes to building on and enhancing the club’s qualities.
“It was only a matter of time before Richie stepped up into a management role and that time has come.”