Myers, the former chief executive of GMG Radio, is to spend the first three months of 2011 on the review, which will look at potential cost efficiencies in the running of Radio 1, Radio 2, 1Xtra and 6Music.
Phil Riley, the founder of Midlands radio group Orion Media, said he thought "both sides will be quite pleased" by the development.
He added: "I think it's an inspired choice, because the commercial sector know John well, know he's got the best interests of radio at heart and will not let the BBC off the hook. At the same time, the BBC knows he's got the best interests of radio at heart and he's not going to recommend things that would damage the BBC."
Commercial radio trade body RadioCentre was largely positive about the review, with chief executive Andrew Harrison saying it was "pleased that the BBC is finally planning to review the efficiency of its radio services, and has asked John Myers to lead this project".
Harrison said: "While this falls some way short of the formal benchmarking exercise with commercial radio that was requested by the NAO and the BBC Trust almost two years ago, we would expect this study to be able to identify best practice and possible savings."
RadioCentre has previously called for and to reduce the degree to which Radio 1 and 2 target the 24- to 44-year-old demographic.
Harrison added that the findings of the review should be made public, "in the interests of the industry and licence fee payers".
Riley observed: "I think corporately, the commercial sector is slightly disappointed that what we don't have is the formal independent review process which is what we asked for, but if you can't get that, then the next best thing is to have somebody go in there and have a good root round and bring in some sensible commercial thinking."
After completing the review, Myers will take up the role of in April.
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