Levinsohn, who was the co-founder and managing director of investment and strategic equity management firm Fuse Capital, would join the company from November. He would report to Chief Executive Carol Bartz, Yahoo said in a statement.
It added that he will be responsible for the company's media group, advertising sales, and partnerships for the Americas region.
"I am confident that Ross's strategic vision, in addition to his deep industry experience, will allow us to solidify our position as the largest digital media, content and communications business around the globe," Bartz said.
Prior to working with Fuse Capital, Levinsohn had served as the president of News Corporation's Fox Interactive Media, where he was responsible for running the day-to-day business, designing the overall strategy and leading investments that helped transform the company into a leader in digital media.
"Having this opportunity to work with a group of immensely talented people to enhance Yahoo's leadership position, is a once in a lifetime opportunity," Levinsohn said.