FICA President Jimmy Adams said Marsh was elected as Executive Chairman by Chief Executives of the individual player associations, with Ian Smith as Chief Operating Officer.
"Mr. Marsh is the current Chief Executive of the Australian Cricketers' Association (ACA), and will continue to operate in this capacity alongside his new role, which will involve him being accountable for FICA's performance and being the organisation's main spokesperson," FICA said in a statement.
Adams said the new appointments signalled a new chapter in FICA's history.
"The contribution of Tim May to FICA and cricketers worldwide has been enormous and in many respects he is irreplaceable," he said.
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"Our game continues to throw up issues of great complexity, and strong player representation through FICA and the individual player associations has never been more important. FICA is committed to continuing Tim's wonderful legacy by ensuring that the voices of the players always be heard," he added.
May was last month ousted from an ICC players' committee amid allegations of pressure from India. The Australian said he was tired of battling the governing body.