Fawcett, who is also a non-executive director of State Street Corporation, the Boston-based financial services provider, left Morgan Stanley in April 2007 after 20 years service.
She is also chairman of the Bank of England's Audit Committee, deputy chairman of the National Portrait Gallery, and was awarded a CBE for her services to the financial industry in 2002.
In joining the GMG board, she will work alongside Brent Hoberman, founder of Lastminute.com, Carolyn McCall, chief executive, and Alan Rusbridger, editor of The Guardian.
Paul Myners, chairman of Guardian Media Group, said: "She is a business leader of the very highest calibre, and her extensive experience will be extremely valuable to the board."
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