Balenciaga issued a statement via Twitter this morning to confirm Alexander Wang's appointment as the house's new creative director, effective immediately. The release states:
Alexander Wang has responsibility for designing the brand’s women’s and men’s ready-to-wear and accessories collections, as well as for Balenciaga’s image.
Alongside his new duties at Balenciaga, Alexander Wang will continue his activities with his own, independently-owned fashion house.
So, that's settled! Let's all take a moment to bask in the rumor mill's accuracy, as well as this lovely, wind-machine-blown portrait of Wang that Balenciaga tweeted with their release: