Thompson will move to English cricket’s governing body from Surrey County Cricket Club, where he held the same post.

Following Watmore’s resignation, the ECB was without an interim chair until April, when Martin Darlow took over in the role.

"I am immensely proud to become chair of the ECB at what is a hugely important time for cricket," said Thompson.

"Cricket has given me the chance to meet an incredibly diverse range of amazing people.

"Their passion, endeavour and love for the game is what I want to harness, to take our game forward, to new heights across England and Wales.

"Cricket should be the most inclusive sport in the country, welcoming people from all backgrounds, helping bring communities together.

"For those communities where we have fallen short, I will work tirelessly to restore their trust in the game.

"With the men’s and women’s Ashes on the horizon, ICC Men’s T20 World Cup in October and the recent successes in our red ball game, along with hosting the ICC Women’s T20 World Cup in 2026 there is much ahead of us.

"I am looking forward to using my experience and love for the game in taking this opportunity to give cricket a fresh start.

"Alongside the Board and senior leaders at the ECB, we will work with the counties and the recreational game. Collaboration and partnership will be the key to our sport’s future."

Last month, former Yorkshire cricketer Azeem Rafiq branded the ECB "not fit for purpose" and called for "a total clear out" at the organisation over how it handled accusations that he was racially abused while playing at Yorkshire.

The club was temporarily suspended from hosting major or international matches, and after Rafiq went public with his full accusations the ECB released a 12-point action plan to tackle racism and discrimination within the game.

Away from cricket, Thompson founded and chairs talent agency M&C Saatchi Merlin and is also chair of the M&C Saatchi UK Group.

A Nominations Committee formed to oversee the process unanimously recommended Thompson for the post.

Following his resignation from the ECB, Watmore also left as chair of the Olympic Working Group, a group leading cricket’s bid to feature at the Olympics, and was replaced by International Cricket Council chair Greg Barclay.