The Board of Directors will oversee a transitional period at Spotland, as outgoing Chief Executive Colin Garlick works with Mr Green to ensure a smooth transition before his departure to Port Vale.
Green was previously Chief Executive at Hartlepool United, where he spent 14 years.
He began working at Victoria Park in May 2002, originally arriving as Commercial Manager before being appointed as Chief Exec five years later.
His work at the North East club saw him named as Chief Executive of the Year in both 2014 and 2015.
Earlier this year, Green embarked on a charity challenge for Prostate Cancer UK when he and friend Jeff Stelling raised over £300,000 by walking from The Vic to Wembley Stadium.
Dale Chairman Chris Dunphy commented: “I would like to thank Colin Garlick for his hard-work, commitment and sterling contributions to the Dale cause during his time at the club, because Rochdale Football Club has come a long way in the last 11 years under his stewardship.
“I was aware that Russ was available after having stepped down from his role at Hartlepool, so when Colin informed the Board of Directors of his intention to leave, Russ was, without a doubt, a standout candidate. Russ is someone I have known for some time and I am absolutely delighted that he has agreed to take up the role.
“After securing ownership of Spotland Stadium at the end of last season, Russ joins us at a very important time for the club.
“We’re now in a position where we can strive to set up an infrastructure to start laying the foundations for Championship football, and I believe Russ is the ideal person to lead the club forward.”
Russ Green added: “I’ve always admired Rochdale. I think the way the Board of Directors run the club on the resources they have is absolutely fantastic.
“After speaking to the Chairman and the Directors, I feel as though we can now take the club to another level.
“In any industry you’ve got to have an ambition and the ambition of this football club is to build the infrastructure to obtain Championship football.
“There are a lot of good people here and I’m looking forward to working with them. I’m excited to be a part of it.”