The full council approved the amendments to the ICC's Memorandum and Articles of Association at the Annual Conference, here.
As was widely known before the conference, Srinivasan was elected the Chairman despite being barred by the Supreme Court of India from carrying out his duties as BCCI President due to ongoing investigations into the match-fixing allegations relating to the 2013 edition of the IPL.
However, after the Apex court refused to stop his nomination to the ICC position, decks were cleared for his anointment to the newly-created post. The revamp will also hand major executive decision-making authority to the 'Big Three' of the game -- India, Australia and England.
"I want to ensure that cricket retains and grows its popularity, and that the ICC plays a leading role in this global growth. I want to see more strong teams in international cricket. For this to be achieved, we all need to work hard to develop local talent in our countries. Naturally, there will be more support to those who first show they can help themselves," he added
"Mr Isaac has been an inspirational President of the ICC. He provided guidance to everyone during his two-year term and all three international formats remain incredibly popular. The game is unquestionably stronger than it was at the start of his term," said Srinivasan.
The approval of the constitutional changes, which flowed from an ICC Board resolution taken in Singapore on February 8 and finalised on April 10, also means that a new Executive Committee was formed, which will report to the ICC Board.