Waters, who was previously deputy chairman, was appointed following the demise of the inaugural chairman, James Strong AO, last week.
For the past decade, Waters has been one of New Zealand`s most prominent businessmen and is well placed to lead the Board of this major Trans-Tasman venture. He is the Chairman of Fletcher Building Limited and Woolworths Limited, and Director of Fonterra Co-Operative Limited and Asciano Limited.
Waters paid tribute to the leadership of Strong, saying: "Like myself, James had lived and worked in Australia and New Zealand and was determined to put on a truly world class tournament in 2015.
"I share his vision and will work closely with the ICC, Cricket Australia and New Zealand Cricket to deliver a successful tournament for cricket fans around the world," he said in a statement.
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