Baker is due to join the business in the summer, and the three remaining co-owners of will leave at the end of the year.
Michael Murphy, Tim Ward and Rob Mogford are expected to net a collective £55m, according to the reported terms of the three-year earn-out ITV set when it acquired Friends Reunited in December 2005.
The trio took over in 2003 from founders Jason Porter and Steve Pankhurst, who left at the time of the acquisition by ITV.
Murphy, the current chief executive, will hand over to Baker and then join the Friends Reunited board as a non-executive director.
Ward will switch his marketing director role for a similar role at ITV's consumer division, where he will develop a positioning for ITV's online properties.
Mogford, the financial director, will step down.
In his new role, Baker will be responsible for the main Friends Reunited site and spin-offs Genes Reunited and Friends Reunited Dating. He will report to Ben McOwen Wilson, chief operating officer of ITV Consumer.
Jeff Henry, managing director of ITV Consumer, said: "This is a fantastic recruit for ITV and Friends Reunited and we look forward to the wealth of knowledge and experience that Andy will bring to the role.
"I would also like to take this opportunity to thank Michael, Tim, Rob and the Friends Reunited team for their hard work over the past three years, during which they have continued to build the incredible strength and breadth of the brand, grown the membership to 21m members and nearly trebled its profits."
At the beginning of May, , bowing to the popularity of free social networking. It is preparing an £8m ad campaign highlighting its large and UK-centric member base.
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