"I've had a lot of dreams about putting on this Lakers jersey, being in L.A. with Kobe Bryant and now I'm here," Howard said at an evening news conference in El Segundo formally introducing him as the newest member of the team.
Howard thanked the fans he met around Los Angeles who urged him to join the storied franchise and focused the conversation on a "fresh start."
In a press release, Lakers General Manager Mitch Kupchak praised Bynum as a young, talented player who helped the Lakers capture two NBA titles.
"We'd like to thank Andrew for all he's done for the team and the organization," Kupchak said. "He's a special talent with a bright future. We appreciate all of his contributions and wish him well for the remainder of his career."
There was no comment about Howard, but Kobe Bryant had some words about his new teammate.
"Well, it looks like Superman has found a home," Bryant wrote on his Facebook page. "I have spoken to Dwight Howard already and we are locked and loaded to bring back the title."
In the four-team deal, the Lakers will also receive Chris Duhon and Earl Clark from the Orlando Magic while sending Josh McRoberts, Christian Eyenga and a future protected first-round and 2015 protected second-round draft pick to the Magic. The 76ers sent Andre Iguodala, who was part of the U.S. Olympic team, to the Denver Nuggets.
The Lakers pulled off the deal and somehow kept fan favorite Pau Gasol.
In this trade, the talent-rich Lakers only got richer. They added Howard to a roster that also acquired two-time NBA MVP Steve Nash this summer.
"Everyone's going to expect a lot of us and I know for myself I'm going to give you 100 percent," Howard said.
"I want to be a great leader and I have an opportunity to learn from the best in Kobe," he added. "One day I want to be the guy that leads the team to a championship and this is the perfect time to start."
This is the second time Orlando has lost a "Superman" to Los Angeles. In 1996, the Magic watched Shaquille O'Neal sign with the Lakers as a free agent.
Howard averaged 20.6 points and 14.5 rebounds in 54 regular-season games for Orlando last season. In eight seasons with the Magic, he averaged 18.4 points and 13.0 rebounds.