The change in structure sees a three-person panel confirmed for Test and One-Day International cricket and a two-person panel for T20 International selection.
The panel for Test and ODI cricket will be made up of Trevor Hohns, who has been appointed full-time National Selector, and will be supported by National Talent Manager Greg Chappell in a part-time selector role, focussing on youth development for the Test and ODI sides. Darren Lehmann will maintain his position as team head coach on the panel.
Hohns' is contracted until February 2020, with Chappell and Waugh's appointment ending on August 2018.
Speaking on the new make-up and appointments, Cricket Australia Chairman, David Peever said: "In making these decisions, the Board considered findings of a review conducted by CA Management which looked at various aspects of the selection function, including the selection approach, the relevant structure and ensuring that we have the best possible candidates for the period ahead.
The appointments will commence immediately.
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