Manwani's appointment as the ISB Executive Board Chairman will be effective April 2018, the premier business school said in a statement here.
He succeeds Adi Godrej, who has been the Chairman of the board since April 2011.
Manwani, Non-Executive Chairman of HUL, has been a member of the board since April 2006, it said.
"My stint as the Chairman of the ISB has been a very precious experience as I had the opportunity to work with my friends from the industry in helping build the ISB as a world- class institution in India.
Reacting to the appointment, Manwani said he will work towards taking the ISB to greater heights.
"I look forward to working with my board members and the Dean to help take the ISB to greater heights. On behalf of the board and the school, I thank Adi for his committed leadership.
"The school has grown tremendously during his tenure. I am delighted that he will continue to serve as a member of the Board," Manwani added.
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