Cosslett previously held an independent non-executive director role on the RFU Board and oversaw the delivery of the biggest Rugby World Cup in history as chairman of England Rugby 2015.

He will assume his new position with immediate effect.

"I am delighted to be appointed chair of the RFU Board," said Cosslett

"It is a privilege to be involved with this game that has given me so much throughout my life.

"My role is to make sure we have strong governance in the Union and ensure that we make the most of all the resources we have at our disposal in this country for the good of the game."

The 61-year-old, who is currently vice-president of Weybridge Vandals Rugby Football Club, has a lifelong association with the game and played the sport for 25 years.

His 30-year global business experience has seen him hold chief executive roles at Fitness First and InterContinental Hotels Group.

Cosslett also spent 14 years with Cadbury Schweppes in a variety of senior roles around the world.

The RFU Council has also approved proposals for a new women's domestic club competition, which will be backed and run by the RFU.

It will replace the existing Women’s Premiership from next season.

Additionally, the RFU has confirmed the past year saw the highest turnover in its history, and record investment in rugby.

Profit for rugby investment topped £100 million ($121.9 million/€111 million) for the first time, reaching £102.3 million (£124.7 million/€113.6 million), and was up 37 per cent on the prior year.

It is a reflection of the positive financial impact of hosting the 2015 Rugby World Cup, the RFU claim. 

"Despite the huge disappointment of England’s early exit from our home Rugby World Cup, by running the widely acclaimed 'most successful Rugby World Cup ever' we have delivered significant investment into rugby both at home and globally," said RFU chief executive Ian Ritchie.

"The legacy will continue to benefit our community clubs and the sport at every level."

The past four years’ actual rugby investment exceeded the target set by the RFU Strategic Plan by £28 million ($34 million/€31 million).

In the past year, the RFU invested £89.8 million ($109.4 million/€99.7 million) into rugby, 17 per cent more than in the previous year, with £55.7 million ($67.9 million/€61.9 million) investment in professional rugby and £34.1 million ($41.6 million/€37.9 million) investment in rugby development.

The investment in professional rugby included all England-related costs for the 2015 Rugby World Cup as well as costs for the tour to Australia in June of this year.

This was the fifth consecutive year of increased investment in rugby development, and included spending on a range of participation growth initiatives.

Investment in the game was facilitated by underlying revenue growth in broadcasting, sponsorship, match-day hospitality and non-match-day conference and events.

Travel revenues also helped, with England Rugby Travel - the official travel operator for the 2015 Rugby World Cup - seeing an eight-fold revenue increase.

Revenues almost doubled, with total revenue increasing by £199.2 million ($242.7 million/€221.3 million), from £207.9 million ($253.3 million/€230.9 million) to £407.1 million ($496.1 million/€452.2 million).

In what would ordinarily be a loss-making season, the Union achieved a retained profit of £3.9 million ($4.8 million/€4.3 million), compared to a loss of £6.7 million ($8.2 million/€7.4 million) in 2014-15, a move of almost £11 million ($13 million/€12 million) year on year.

"We are very proud to have exceeded our Strategic Plan target for rugby investment by £28 million over the past four years," said chief financial officer Stephen Brown.

"Ultimately the Union is in a very good place financially, which enables the game as a whole in England to benefit directly from this success."