The other members of the board include former stumper and ex-chief selector Kiran More, former England captain Tony Greig and Australian cricketer-turned-commentator Dean Jones.
While making the announcement, Himanshu Modi, business head, Zee Sports, said more positions would be finalised later.
Kapil said he was delighted to be associated with the league and would utilise his experience to nurture young talent.
"It's great pleasure to lead the executive board of the ICL, the first professional league. I will try and utilise my experience of motivating and guiding players, both as captain and coach, to take young talent to the pinnacle of success," Dev, who's the country's lone World Cup winning captain, said.
