Rod Marsh has replaced John Inverarity as Australia chairman of selectors, with fellow former Test star Mark Waugh also added to the new-look four-man panel.
National coach Darren Lehmann and ex-chairman Trevor Hohns complete the fresh set-up, but former all-rounder Andy Bichel also departs.
The changes were confirmed during a Cricket Australia board meeting over the past two days, with CA chief executive James Sutherland confirming 66-year-old Marsh is contracted for three years to head up the panel.
"Rod Marsh is the right man to take on this important role, having been a key member of the panel since 2011," Sutherland said.
"His track record speaks for itself. He brings a wealth of experience to the position, having been a leading player, coach and most recently a selector.
"Throughout his days as a player, he was the absolute embodiment of the Baggy Green cap and to this day is widely respected throughout the game.
"He has a great eye for talent and has strong relationships throughout international cricket."
The new panel will convene for the first time on July 1, when the contracts for the current selection panel expire, with their first task being the touring party for the triangular one-day series against Zimbabwe and South Africa in Zimbabwe from late August.