Following a month of speculation, it was confirmed on Monday that the 62-year-old would take charge of the Red Devils following the conclusion of Holland's World Cup campaign.
Speaking about Van Gaal's impending arrival, Schmeichel told Sky Sports News: "It was good to finally get it done and get it out the way because a lot of people needed to have that confirmation. It was important to put the minds of the fans at ease because Manchester United is too big an institution not to have a leader.
"Van Gaal is the kind of guy who instantly commands the respect of the players. He has that kind of reputation and he is a guy who is very sure about himself. He knows his direction and knows exactly what he wants and some players won't like that but I think he's good for Manchester United. He is, to all intents and purposes, the guy we need."
United will be the fifth club that Van Gaal has managed.