Toumazis replaces newspaper veteran David Montgomery who quit Mecom in January, after shareholders had pushed for his exit.
In the interim period, Stephen Davidson, executive chairman of Mecom, has been overseeing the chief executive's role. Davidson will now become non-executive chairman of Mecom.
Toumazis is expected to take up the appointment by mid-August.
Toumazis has worked in the media industry since 1983 and has held senior international and UK roles in print, online, TV and radio. These include stints at Endemol, Walt Disney and Emap.
During his tenure at Endemol, he has been responsible for managing and expanding Endemol’s worldwide commercial interests.
Montgomery was ousted from the chief executive's role following a shareholder rebellion, which took issue over the strategic direction in which he was taking the company.
He was also forced to cut costs and sell off a number of Mecom's newspaper operations in an effort to offset the effects of the economic downturn.
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