Oldfield has been in business recovery for more than 25 years and joined KPMG in 1996. He steps up from the post of vice-president.
The ICAEW member began his career as an insolvency practitioner with Rolls Royce. Subsequently, he was receiver to Kentish Homes, Ford Sellar Morris and Yardley amongst others.
The recovery professional was recently appointed to the administration of clothing retailer Frank Usher Ltd.
Oldfield will succeed Stephen Gale, head of corporate recovery and partner at Herbert Smith lawfirm, who served the R3 for the customary term of one year.
The appointment was made at the annual general meeting Wednesday morning.