Heseltine will work with the CIM's management team to help enhance the body's reputation and put marketing on the boardroom agenda.
He replaces Dianne Thompson, chief executive of the Camelot Group, who has been president for three years.
CIM international chairman Paul Gostick said Heseltine was "the epitome of great marketing" and would be key to driving fellowship and membership of the CIM, adding that he "understands the pivotal role marketing plays in driving the economy, and is a champion of UK plc".
The CIM has 55,000 members. Formed in 1911, it is the only marketing body to hold a Royal Charter, enabling it to award chartered marketer status.
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