Drayton, currently the managing director of Hollinger Telegraph New Media, will replace the outgoing managing director, Jeremy Deedes.
Deedes is retiring from the Telegraph Group after 17 years, the latter seven in the managing director's role, but will continue to act as a consultant to the company.
Drayton said: "We needed a spring clean to become more transparent and accountable. This will make us more flexible and cross-departmental, which will enable us to offer a more comprehensive package to our clients."
As part of the restructure, overseen by the chief executive, Dan Colson, Len Sanderson, the managing director of Telegraph Sales, is leaving the company. It is understood that Sanderson was considered for the role finally handed to Drayton.
Chris White-Smith, who is currently the display advertisement director, has been promoted to the new position of group sales director.
Kim Fletcher, a consultant editor, has been handed the senior role of editorial director, with responsibility for editorial and production activities of The Daily Telegraph and The Sunday Telegraph. A former editor of The Independent on Sunday, his elevation is designed to protect editorial interests in the broader management of the paper.
Mark Payne, the Telegraph Group's deputy advertisement director and the commercial director of Hollinger Telegraph New Media, has been promoted to the new role of group commercial director.
Drayton joined the Telegraph Group in 1994 as the marketing manager.
He became the marketing and promotions director in 1996.
The changes come less than a week after the newspaper announced the resignation of the editor, Charles Moore. His successor, Martin Newland, takes over next week.
- Headliner, p9.