Airey will take up the post later in the year, and will be responsible for developing ITV's UK and international production, distribution and content exploitation businesses.
ITV Productions, Granada Ventures, Granada International and ITV's international production businesses in Australia, Germany and the US will report into her.
Together, these businesses generated £652 million revenue in 2006, including £370 million of internal sales to ITV.
Airey has been in the market for a new position since she stepped down last month from the chief executive position at Iostar, the television production company and investment firm. She quit just eight days into the job due to contractual issues and questions over the company's investment strategy.
She joined Iostar from her position as managing director of channels at BSkyB. Previously she had been the chief executive of terrestrial broadcaster Five.
Cresswell said: "This is great news for ITV and a great job for Dawn. I'm delighted she's joining us to build the content business which continues to be at the heart of our growth strategy."
Airey said: "It's an incredibly exciting time to be joining ITV and I'm looking forward to working with some of the UK's best production talent."
"ITV has strong and growing international production and distribution businesses and I'm thrilled about having the opportunity to help develop them further."
Michael Grade, executive chairman of ITV, said: "Dawn's arrival significantly strengthens the senior management team. She is a dynamic, creative business leader and I know that everyone in ITV will welcome her arrival."
Speculation is now rife that she will be joined at ITV by Sky executive Nick Milligan, the managing director of Sky Media, who is understood to have been shortlisted to fill the role of departed ITV commercial director Ian McCulloch.
Before their time at Sky, Milligan had worked as Airey's deputy chief executive at Five..jpg)
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