Media Week revealed earlier today that Davies is leaving his role as advertising director at the Evening Standard, to replace the outgoing commercial director at The Independent, Daryl Fielding.
O'Donnell is expected to take up his role when he returns from his holiday next week.
O'Donnell has held the deputy ad director role of the Standard for the last 10 months, reporting to Davies.
Prior to that, he spent nine years in different commercial roles at The Mail on Sunday, including the position of head of newspapers.
The London Evening Standard confirmed O'Donnell's promotion, but said there were no further personnel changes.
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