Taking the reigns from current president Mr Takeo Fukui, 64 (pictured above - right), Ito, 55, will be the first man to run both Honda Motor Co. and Honda R&D since Nobuhiko Kawamoto in 1992.
Mr Fukui said the doubling up in roles was a way to streamline decision making at a time when quick reaction to volatile markets is the key to survival.
"The next couple of years will be difficult. And in order to push through, we need speedy decision making and a compact leadership," Mr Fukui said.
Mr Ito will take over the position in June when Mr Fukui will assume the role of advisor to the board.