Morrison, who is also chair of the Baring Foundation and chair and founder of the Campaign to End Loneliness, will take over in November from Amanda Jordan, who is coming to the end of her three-year term.
The ACF said in a statement today that Morrison had extensive experience in transformational change, social innovation, social finance and policy development.
Carol Mack, chief executive of the ACF, said Morrison’s skills and experience would be invaluable to the charity.
Morrison said: "Foundation funding is an increasingly vital mechanism through which we maintain a robust and plural civil society and, as such, a strong and thriving ACF is more necessary than ever."
The ACF also said today that David Renton, director of finance and investment at the Guy’s & St Thomas’ Charity, would become the umbrella body’s treasurer.