Martin Bain will fill the role which has been vacant since Margaret Byrne resigned in the wake of Black Cats player Adam Johnson being found guilty of sexual activity with a 15-year-old.
The Premier League club was criticised for letting the former England winger play after his arrest.
Mr Bain, 47, leaves a similar position at Israeli club Maccabi Tel Aviv.
He has also been CEO at Rangers and will take up his new job on 1 July.
Sunderland chairman Ellis Short said he hoped the appointment would "transform" the club's financial performance.
Ms Byrne left her position in March when it emerged in Johnson's trial she received transcripts of police interviews in which the player confessed to kissing a schoolgirl.
Sunderland have announced the appointment of a new chief executive officer.