The 83-year-old said: "I am delighted to accept the Chairmanship of Vote Leave, to help ensure that the organisation is fully prepared for the start of the referendum campaign."
But he hinted that current ministers may either replace him, or work alongside him, in due course.
"Once the Prime Minister returns from the European Council, I am confident that other senior figures will step forward to support the Vote Leave campaign. But I am happy to help the Board and Campaign Team make the appropriate decisions in the crucial weeks ahead," he said.
The previous chairman, businessman John Mills, will now become deputy chairman.
Mr Mills said: "The campaign will need to make some crucial decisions over the coming weeks on how we cooperate with the other groups campaigning for a leave vote, how we properly involve representatives from across the political spectrum, and how we can best present a positive vision for life outside the European Union, so voters can make an informed choice on referendum day."
Mr Mills will also work with another campaign called Labour Leave, which is targeting left-of-centre voters.
The former Secretary of State for Scotland, Lord Forsyth, is joining the board of Vote Leave.
The group's CEO, Matthew Elliott, its campaign director, Dominic Cummings, and company secretary Victoria Woodcock will be stepping down from the board.
In a statement, it said the changes had been "previously planned" to make the board wholly non-executive, and that the trio would still attend board meetings.
Vote Leave is competing with its rival, Leave.EU, to be designated as the official Brexit campaign by the Electoral Commission.
James McGrory, from the pro-EU group, Stronger In, said: "Vote Leave have spent two days talking about emergency brakes, but it is clear that the wheels have come off their chaotic campaign.
"Sacking three board members and demoting their chairman is the sign of a flailing organisation which reacts to losing the argument by shuffling the deckchairs.
"For Vote Leave to pack their board with 1980s throwbacks from one party demonstrates that they are narrow, negative, and out of touch with modern Britain.
"Vote Leave are still losing the argument on the economy, our national security, and our influence in the world."
Meanwhile, David Cameron told Sky News that he was "happy to be judged" on what he had achieved in his EU renegotiation.
In a statement to the House of Commons, the Prime Minister tried to convince MPs that the deal is a good one for the UK.
It includes an "emergency brake" on EU migrants receiving in-work benefits, but is far short of the four-year ban on in-work payouts Mr Cameron had been promising.
The brake will not be in place until 18 months after a referendum, while EU workers in the UK will get "graduated" in-work benefits.
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