The Reds already have their new manager
Price has been on the Reds' coaching staff since 2010, and presumably has a lot of experience with their current players, particularly the pitching staff. Before joining the Reds, he was a pitching coach for the Mariners from 2001-2006, and then the Diamondbacks in 2007 and 2008. This is his first managerial job.
Jim Riggleman, who is the manager of the Reds' triple-A affiliate the Louisville Bats, was the only other confirmed candidate for the job, and Price apparently won over the front office over him.
I think this is a solid hire for the Reds, since they're already a quality team and didn't need to make a huge splash for their manager hire. Price should already have the respect of the team, and he knows the players well enough to just let them continue winning and not mess around too much with a team that was pretty solid in 2013.