Davy, the longest-serving chairman in Super League, having been in the post since January 1996, will fill the void created by the departure of executive chairman Robert Elstone.
Davy, who turns 80 in July, has temporarily stepped down as chairman of the Giants to focus on his new role.
Davy, a successful local businessman, entrepreneur and philanthropist, steps into the role at a crucial time for Super League with talks over a new television deal with Sky Sports thought to be nearing a conclusion.
The Yorkshireman will also have to deal with a probable shake-up of Super League’s administration amid calls to take the organisation back under the umbrella of the Rugby Football League (RFL).
Davy said: “I am looking forward to working with the Super League executive, the Betfred Super League clubs and the RFL to create a lasting framework which will enable us to unleash the energy and excitement of Betfred Super League as well as the whole sport of rugby league.
“We have tremendous relationships with our broadcast partners, Sky Sports and BBC Sport, our commercial partners, including title partner Betfred, and of course all the fans across the game.
“This autumn this country has the exciting prospect of hosting the Rugby League World Cup, which creates a great opportunity to share rugby league with a wider audience.
“By working together, I believe we can create opportunities to grow the game and our support for the benefit of all concerned,” he added.
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