The move will see Pallant, formerly the deputy executive creative director at the agency, work on Saatchis' pan-European accounts, with the majority of his time spent on Visa and Toyota.
Reporting to the worldwide creative director, Bob Isherwood, he will also mentor creative teams in the network's European offices, and work on pan-European new-business initiatives.
He will be based in London and Paris, and sit on the worldwide creative board.
His promotion follows Saatchis' hiring of Tony Granger from Bozell New York to become the executive creative director of the agency, replacing Dave Droga, who becomes the worldwide creative director at Publicis.
Pallant, a copywriter, joined Saatchis in 1988, and partnered Matt Ryan for many years, before Ryan's departure to direct full-time in 2001.
Pallant became the joint executive creative director in 1997 alongside Adam Kean, who then left the agency when Droga was brought in above the duo to run the creative department in 1998.
Pallant said: "This job is a natural progression for me, having worked on Visa across Europe for the past five years."
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