A statement from the institute said Taylor, who has been an institute trustee for the past three years, would become chair for a three-year term after its annual general meeting on 8 July, subject to formal agreement.
He will take over from Mark Astarita, director of fundraising at the British Red Cross, who has been chair since July 2011 – at the time, he was appointed for an initial one-year term.
Taylor has held his current role at CRUK since 2004. He had since 1998 been head of retail at the Imperial Cancer Research Fund, which merged with the Cancer Research Campaign in 2002 to form CRUK.
Taylor said that his biggest priority in the role would be to ensure that the IoF Code of Fundraising Practice continued to demand the highest standards from fundraisers and maintain the trust and confidence of the public.
"We must also continue to be at the forefront of policy impact and influence, making sure decision-makers – in government and elsewhere – make the most of the knowledge, experience and passion we all bring to our causes," Taylor said in a statement. "Membership is at the heart of the IoF and we have a proud tradition of members sharing their expertise and understanding with each other. I want to build on this."
Stephen George, the IoF’s vice-chair, had put himself forward as chair but withdrew.
Peter Lewis, chief executive of the IoF, said: "We had excellent candidates from within the board. During the process the candidates, in discussion with those involved in the process, came to the conclusion that the best outcome for the institute was for Richard Taylor to become chair-elect and for Stephen George to remain as vice-chair. Yesterday the board unanimously approved this."
Astarita, who chaired his final IoF board meeting yesterday, said he felt "emotional" after the event. Commenting on his tenure as chairman, he told Third Sector: "I made tremendous friends, had a good few years and the organisation is in a really good place now."