Gulati replaces fellow American Chuck Blazer, whose term had ended and who opted not to stand again after allegations of financial mismanagement at the North and Central American and Caribbean confederation. Blazer denies any wrongdoing.
Compean, president of the Mexican Football Federation, received 17 of the 35 votes available from full FIFA members within CONCACAF at its congress.
Gulati will represent the North American part of CONCACAF within soccer's world governing body.
As expected, CONCACAF president Jeffrey Webb, a FIFA vice-president, was elected unopposed from the Caribbean region of CONCACAF.