Tim Parker has been named the first deputy mayor and chief executive of the Greater London Authority.
He will take up his post in July and receive a nominal salary of £1 a year. Boris Johnson has already announced he plans to nominate Mr Parker to be chairman of Transport for London.
Mr Parker has a successful business background, having worked in major companies including AA, Kwik-Fit and Kenwood. He has previously been employed in the Treasury and served in the Audit Commission.
He has stepped down from all other business interests, except a position as unpaid non-executive director of a media company in Australia, to take up the post.
Mr Parker said: "I relish this opportunity to bring out the best in the GLA Group. I've spent my career taking over struggling companies and making them strong.
"I see wonderful opportunities to transform the infrastructure of London and deliver better services to Londoners."
Boris Johnson recently appointed David Ross to represent him on the London Organising Committee of the Olympic Games.
The co-founder of Carphone Warehouse was asked to create a lasting legacy from the 2012 Games.
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