Shashank Manohar has been elected the first independent ICC chairman and will commence his two-year term with immediate effect.
Manohar stepped down as president of the Board of Control for Cricket in India (BCCI) on Tuesday, enabling him to run for re-election with cricket's governing body in an independent capacity.
In February, the ICC had announced any candidate wishing to fill the position of chairman would no longer be able to hold a role with a member board.
A statement from the ICC read: "According to the election process, ICC directors were each allowed to nominate one candidate, who had to be either a present or past ICC director. Nominees with the support of two or more full member directors would have been eligible to contest the election, which was scheduled to have been concluded by 23 May.
"However, given that Mr Manohar was the sole nominee for the position and the board has now unanimously supported his appointment, the independent audit committee chairman, Mr Adnan Zaidi, who has been overseeing the election process, has declared the process complete, and Mr Manohar the successful candidate."
Manohar added: "It is an honour to be elected as the chairman of the International Cricket Council and for that I am thankful to all the ICC directors who have put their faith and trust in my abilities.
"I also take this opportunity to thank all my colleagues in the BCCI who have supported me during my recent time as the BCCI's president.
"These are exciting times for international cricket as we are presently carrying out a comprehensive review of the 2014 constitutional amendments which is aimed at not only improving governance structures, but cricket structures as well.
"The ultimate objective is to grow our sport and engage a whole new generation of fans and I look forward to working with all stakeholders to shape the future of cricket, which has a proud history and rich tradition."
The abolishment of the ICC president's post has also been approved by the organisation's full council.