The move finally fills the role left vacant at City when former chief executive Garry Cook was forced to resign in September last year.
Cook quit after sending insensitive emails regarding the condition of cancer sufferer Dr Anthonia Onuoha, who had been acting as the agent of her son, then City defender Nedum Onuoha.
Commenting on the board change at Pride Park, Derby chairman Andy Appleby said: "Over the past few years the board, working with the executive team and first-team manager, have looked to re-structure the club's operations and put Derby on the path towards long-term success.
"The Board will continue to embrace Derby's rich heritage and build a solid, progressive and winning football club on its journey forward. Financial Fair Play will change the landscape within the Championship, and the board remain convinced that with smart management off the field and good play on it, Derby can prosper in the seasons ahead.
"The club's strategy moving forward has clearly been set and it is testament to the planning, structures and people already at the club that I and the rest of the board will now take the appropriate time to find the right candidate to become the next chief executive."