Following the Bombers' botched process to pick Andrew Thorburn in October, who lasted just 24 hours in the job, the club has turned to Vozzo.
The 53-year-old was the Eagles' football boss for nearly a decade, including during the club's 2018 premiership season, and has a background in law.
Essendon president David Barham labelled Vozzo a "terrific person" and someone who would lead the club forward with new coach Brad Scott.
"His experience in delivering football results and driving a high-performance environment was a key factor in his appointment as our next CEO," Barham said.
"The external review stated we need to focus more on our core business of football and with Craig, we have someone with proven results in that area.
"He is a well-respected person within the AFL industry and has impressed with his ability to lead and develop people to be their best."
Vozzo said he was "incredibly honoured" to be appointed.
"This club has a rich and proud history and I feel privileged to be able to lead us into what is a very exciting future for the club," he said.
"I look forward to building relationships across the club and working closely with the board, Brad Scott and the executive team."
Thorburn resigned as Bombers CEO barely 24 hours after his appointment due to his role as chair of a church with divisive views around abortion and homosexuality.
Once those views became public, Essendon told Thorburn he was unable to serve as the club's CEO while continuing as chair of City on a Hill.
Thorburn opted to remain with the church rather than stay with the Bombers, the club he grew up supporting.
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