Deighton, who is chief operating officer of Goldman Sachs' European businesses, takes up the role full-time in April, although he will begin work in a consulting capacity with immediate effect.
One of his first tasks will be to appoint a marketing director, with whom he will finalise a marketing plan for the Games. Once it is ratified by the International Olympic Committee, LOCOG will begin selling domestic sponsorship packages toward the end of next year.
The 49-year old is expected to receive a starting salary of about £300,000 a year.
Deighton's selection from a six-strong shortlist followed a three-month international search.