BBC Studios boss Tim Davie will replace Tony Hall as director general of the corporation.
Davie, who will be the 17th director-general, was among the favourites to replace Lord Hall since he announced in January that he was departing after seven years in the post.
Other contenders were reported to be BBC director of content Charlotte Moore, former Daily Telegraph editor Will Lewis and Amazon executive Doug Gurr.
Davie will earn £525,000 a year when he takes over the post, down from the £600,000 he earned in 2018/19.
Hall's exit comes amid a turbulent time for the BBC, with the spotlight on a number of issues around equal pay, diversity, free TV licences for the over-75s and competition from streaming services such as Netflix, as well as the ongoing coronavirus crisis.
Hall previously warned of a potential loss of £125 million for the broadcaster as a result of the pandemic.
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Davie was acting director-general for four months following George Entwistle's resignation in November 2012 before Lord Hall's appointment, and previously served as the corporation's head of audio.
Before joining the BBC in 2005, he worked in marketing at PepsiCo Europe and Procter and Gamble.
Davie, who will take over the job on September 1, said: "I am honoured to be appointed the BBC's next director-general.
"This has been a critical time for the UK and these past few months have shown just how much the BBC matters to people. Our mission has never been more relevant, important or necessary. I have a deep commitment to content of the highest quality and impartiality.
"Looking forward, we will need to accelerate change so that we serve all our audiences in this fast-moving world. Much great work has been done, but we will continue to reform, make clear choices and stay relevant. I am very confident we can do this because of the amazing teams of people that work at the BBC."
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