Cox, pictured, was appointed at Plainmoor in June when former Gulls manager Chris Hargreaves was placed on gardening leave for refusing to take a pay cut.
United must still pay their former manager until May 2016 and Breed told BBC Radio Devon: "What I like about Paul is he's fully aware of the situation and it doesn't faze him.
"Paul is definitely in this club for the long run, not a quick fix and not for the fact that he might win a few games and get offers elsewhere.
Cox at the Launa Windows Stadium following his appointment in June
"Paul is coming in here to be the manager of Torquay United for a long time and we're all eternally grateful for that."
* Torquay United assistant boss John Ramshaw said that he was disappointed and frustrated by their 3-1 Vanarama Nation League defeat at Wrexham on Tuesday, especially as they had gone ahead.
Ramshaw said: “I didn't think we looked in any real danger until we gifted them a goal early in the second half.
"They had the bulk of possession, yes, but it was all in front of us – they weren't really hurting us or getting into goalscoring situations.
"we gifted them an equaliser – there was a mix up between two of our young players - and they came alive after that."
The Gulls have allowed young striker to join Evo-Stik Southern Premier side Bideford on loan.