Grade surprised the media industry by leaving the Corporation after almost three years in the role to succeed Sir Peter Burt at ITV.
Grade will be in the role, which includes a seat on its board, for up to three years. Within that time, he will help ITV to appoint a chief executive, at which time he will step back from day-to-day management to become a non-executive chairman.
Grade has resigned with immediate effect, four months before his contract was due to expire, and will take up the new position early in the New Year.
Burt described the appointment as "a real coup", noting the programming and advertising challenges facing ITV.
John Cresswell, ITV's interim chief executive officer, now becomes chief operating officer and finance director.
Grade, a former Channel 4 chief executive and BBC1 controller, will continue to hold non-executive chairman posts at film studio Pinewood Shepperton and online grocer Ocado.
At the BBC, vice chairman Anthony Salz takes over from Grade as acting chairman with immediate effect.
Search for ITV chief executive to take up to three years
ITV has ruled out an immediate direct replacement for recently-departed chief executive Charles Allen with its appointment of BBC chairman Michael Grade as executive chairman.
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