Noble will take the helm of the famous Ford Supercars squad effective immediately, while Ryan Story will step back from the day-to-day running of the team.
Story will, however, continued as the non-executive chairman of DJR.
Noble is a newcomer to motorsport with his background in AFL football. He was a player for Fitzroy in the early 1990s before moving into coaching, spending more than a decade in senior roles at the Adelaide Crows.
Most recently he was the head coach of the North Melbourne Football Club, a role he lost midway through a tough 2022 campaign.
Noble's appointment at DJR follows a change in ownership earlier this year, with the Melbourne Aces Baseball Club, owned by Brett Ralph, taking a majority share.
“The opportunity to work with Shell V-Power Racing Team in such a competitive industry is incredibly exciting and a challenge that I am looking forward to," said Noble.
"It is a privilege to be working in such a well-respected and iconic business.
“I look forward to working with our staff and partner group as we embrace the challenges of being a successful organisation.”
Story added: “It is fantastic to welcome David as the CEO of the Shell V-Power Racing Team, effective immediately.
"David has excellent experience in business and sports administration at the highest level and he is a perfect fit for this team.
“This restructure also means that I am stepping down from the day-to-day running of the Shell V-Power Racing Team, however, will remain as the non-executive chairman moving forward.
"We have the perfect people in place who continue to lead on and off the track for the Shell V-Power Racing Team.”
Supercars legend Dick Johnson, still part owner of the squad that carries his name, agreed that Noble will be a good fit for the role.
"I have sat down with David and based on all his experience and business acumen, I can’t think of anyone better to run the team day-to-day," he said.
“Ryan has done an incredible job leading this team and getting it to where it currently is, and I know it is only on the way up with the people we have in place in the team.”
