Woolfenden joins in December and will replace Barni Evans, who left the betting company's UK arm in July to become the marketing director for its two Australian businesses, International All Sports (IAS) and Sportsbet, effective next month. Evans held the role for 10 years.
Woolfenden has held the position of global brand director at Bacardi since last year, after being promoted from his role as global marketing manager.
He arrived at Bacardi in 2008 after leaving Procter & Gamble (P&G), which he joined in 2000. He held various roles at the FMCG company, including marketing manager for P&G's £450m UK laundry portfolio, which houses the Fairy, Ariel and Bold brands.
Patrick Kennedy, chief executive of Paddy Power, said: "Paddy Power's business and success have been built around our brand. It is an enormous point of difference against our competitors, as the only brand with a real personality in our sector globally.
"I know it will continue to thrive under the leadership of Christian and our current marketing team.
"I am also delighted that someone of Christian's calibre has agreed to join the Paddy Power team. He is regarded as one of the top young marketers in the UK and internationally, and his appointment illustrates both the international ambition of Paddy Power and our continued investment in talent."
Paddy Power yesterday reported a 15% rise in half-year profits to £50.1m, citing the use of glamour model Imogen Thomas in its advertising, after her alleged affair with Manchester United star Ryan Giggs, as a direct contributor to its improved results.
Kennedy told The Sun: "We have fallen in love with Imogen. The campaign more than paid for itself."