Martin Broughton is to take over from Peter Savill as chairman of the British Horseracing Board in July.
Broughton takes over from outgoing chairman Savill
Broughton was unanimously elected for a three-year term.
The 56-year-old is currently chief executive of the British American Tobacco Company, and hopes to increase racing's commercial profile.
Broughton, a keen racing fan, said he was "honoured and excited" by the move.
He has four horses in training with Henrietta Knight (including Alvino and Zaffamore) and one each with Nicky Henderson and Richard Phillips.