Wood, who has been with the institute for 11 years, has in recent months been acting executive director.
As executive director of technical policy, Wood will have overall responsibility for the accounting and auditing, tax and research functions.
He will also be a member of the management board, which comprises five executive directors and is chaired by the chief executive, Des Hudson, who himself takes on his position full-time at the beginning of January.
The management board structure was introduced last year as the institute moved from 12 departments to five divisions.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
The established building and heritage restoration company has ceased trading following the loss of major tenders