Tom Fox brings fives years of experience as chief commercial officer at Premier League rival Arsenal as well as a stint with global sports clothing giant Nike.
In July, Mr Faulkner announced he was stepping down from the role after six years with the club including four as chief executive.
Mr Fox has spent more than 25 years in the sports-marketing industry during which time he opened the NBA's first office in Asia as managing director and also headed up sports marketing for Nike in Asia and the US.
He also led sports marketing for PepsiCo's Gatorade brand before joining Arsenal in 2009.
Villa chairman Randy Lerner said: "I was delighted and even flattered by Tom's interest in the Villa job.
"His achievements at Arsenal speak for themselves and, above all, his reputation as a leader and team builder makes him, to my mind, a great fit to take our club forward."
Chief financial officer Robin Russell added: "I have got to know Tom over five years of Premier League meetings and have come to respect his professionalism and industry knowledge. I am looking forward to working with him."
Mr Fox added: "First of all, I would be remiss not to thank everyone at the Arsenal for all their support over the past five years.
"I consider it a huge privilege to have represented the club and to have helped move it forward.
"Aston Villa has always been an important club in English football and it has a long and rich history of success at the top of the game.
"The chance to work with Randy, Paul Lambert and Robin to help restore the club to its rightful place in the Premier League is a challenge I'm really energised by and greatly looking forward to."