Pearson has sold his entire stake in the Tigers, but will stay on as an advisor.
"When I saw the stadium, I started coming to the games in January and I experienced the fans' passion for the football club," said Duffen.
"That support, and the great infrastructure which is already in place thanks to Adam, means this club has got the most potential in the Championship.
"Getting to the Premiership within the next three years is the objective."
Pearson insisted now was the right time to sell up, and backed the new owners to take the club forward.
"The last six-and-a-half years have been extremely challenging, enjoyable and rewarding, and I feel we have really got the spirit and pride back into the football club through a strong all round team effort," he said.
"We must now capitalise on our strong base position and start to drive the club towards the Premier League which has to be the ultimate goal for a club of this size."
"We must now capitalise on our strong base position and start to drive the club towards the Premier League which has to be the ultimate goal for a club of this size."