The Future Fund's David Neal has been promoted to the position of managing director.
Mr Neal has been the fund's chief investment officer since July 2007 and will take over his new role in August.
Chairman of the fund's board of guardians Peter Costello said the appointment follows a comprehensive international and Australian search process.
"David is a world class investor and leader," Mr Costello said in a statement on Friday.
Mr Neal had played a pivotal role in establishing the fund, building its credibility and delivering strong returns for Australia, he said.
Mr Costello was instrumental in setting up the fund as federal Liberal treasurer in 2006 and aims to pay for future superannuation liabilities of public servants.
Acting managing director Paul Mann will continue in the role for now, while the fund is now searching for a new chief investment officer.
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