The ex-Northern Ireland international was handed the position after the club’s directors decided to axe Eddie Seydak following their poor start to the season.
Wright’s career in management got off to a bad start though, as Limavady lost 3-2 to Crusaders on Saturday to remain at the foot of the table.
The 40-year-old had two spells at St James’ Park, making 84 appearances between 1988 and 1993 and then returning on-loan during the 1999-2000 season and making three appearances under three different managers.