Powell, who has more than 30 years of experience, will take on his new role in tandem with his existing position as director of design and innovation business at Seymourpowell, acquired by Loewy in 2007.
In his new role he will be tasked with ensuring that creative activities are well represented at group board level while nurturing creativity across the group and ensuring that future acquisitions fit with creative strategy.
After six months the role will be rotated. Powell will step down to make way for another creative director from one of the group's other companies.
Iain Johnston, Loewy chief executive, said: "Dick Powell is one of Europe's most influential product designers and we are privileged to have him on board to share his expertise and strengthen the creative capital of our 'star' brands.
"Loewy has seen spectacular growth over the past four years and we are continuing to invest heavily in our businesses to bolster capabilities, add value to clients and ensure that we maintain the creative edge over our competitors."
Powell has won numerous international accolades throughout his career including the D&AD President's Award for Outstanding Contribution to Design.
He said: "We have some world-class creative businesses with the group, but there is no doubt we could do better.
"In operational terms, my role will entail mentoring and helping creative teams across the group, improving output and optimising processes.
"We also need to enshrine the idea that we continue, as we started, to talk together at regular forums."