Administrator Andrew Andronikou told Reuters the arrival of David Lampitt, a qualified accountant and member of UEFA's club licensing committee, showed Portsmouth could have a strong future.
"It demonstrates that we are building for the future. The calibre of the person coming in shows what we are trying to create at Pompey," he said.
Portsmouth said Lampitt, 35, would take up the post once his notice period had been agreed with the Football Association.
He replaces Peter Storrie who decided last month that it was in the best interests of the club for him to step down as chief executive after eight years at Portsmouth.
"The club has been through some tough times this season and I intend to bring some stability and transparency to operations," Lampitt told the club website.
"Pompey have some of the best fans in the country and they deserve their great support to be matched by equally high standards of governance at the club."
FA chairman David Triesman wished him well.
"It is a great tribute to him that one of our oldest and most famous clubs should look to his expertise and personal character to bring it through a time of great difficulty," he said in a statement.
"Portsmouth's fans should take comfort in a wise, long-sighted appointment."
PLAYER CONTRACTS
Portsmouth play Tottenham Hotspur, guided by the south coast club's former manager Harry Redknapp, in an FA Cup semi-final at Wembley on Sunday.
They could even start the match as a relegated side if West Ham United and Hull City win their matches on Saturday.
The debt-ravaged club have lurched from one crisis to another through a succession of owners over the last nine months and are millions of pounds in debt with a nine-point deduction for going into administration.
Unless the players rip up their existing contracts, which is more than likely, at least half the team may be ruled out of playing for Pompey after the semi-final due to clauses otherwise guaranteeing bonuses or new contracts the club cannot afford.
"There are clauses... that may result in them (the players) receiving additional sums of money under their contracts once they reach certain thresholds of games," said Andronikou.
"But we are talking to their agents and the majority of them, they are cooperating. I'm sure the players want to play for the club anyway," he added.
"It's just demonstrating the situation where we are really, we seem to be hamstrung in certain areas and need the goodwill of the players, which of course we are getting. They have been more than cooperative and very helpful to the cause."
Andronikou said Portsmouth would still have to sell players at the end of the season.
"I am very much focusing on the FA Cup semi-final and see what happens thereafter but yes, we will obviously have to make some significant adjustments to the playing squad. That's something we will b
