Lack will replace Pat Fili-Krushel, who has been the chair of the NBCUniversal News Group since mid-2012. He will start work in April, NBCUniversal CEO Steve Burke said in an internal memo.
Lack, 67, who ran the news division during its glory years in the 1990s, is returning at a moment of tumult. He and Burke have to decide whether Williams should return to the "NBC Nightly News."
Related: Andy Lack leaves Broadcasting Board of Governors weeks after appointment.
Williams' embellishments about an Iraq War mission led to his suspension last month and exacerbated a sense of crisis within the news division.
Lack similarly took over NBC News in 1993 after a crisis involving the misleading recreation of a GM truck crash on "Dateline NBC."
What Burke sees in Lack now, according to sources who know both men, are leadership attributes that the news division needs. Lack brings journalistic credentials and ample management experience running a network news division. Fili-Krushel lacked both.
Related: NBC News to shake up top execs
Burke and Lack conferred last month as Burke weighed whether to suspend Williams or sever ties with the anchor altogether. Lack, who has a strong relationship with Williams, urged Burke to leave the door open for the anchor to return, the sources said.
NBC declined to comment on Williams' status on Friday. His six-month suspension is expected to be over in August.
Lack will face a myriad of other challenges as well: a morning show, "Today," mired in second place in the ratings; a Sunday morning program, "Meet the Press," with a new moderator; a cable news channel, MSNBC, struggling to retain an audience.
Lack's job will not include oversight of NBC's other news channel, CNBC, the way Fili-Krushel's job did.
Burke said Fili-Krushel "will move into a new role on my executive team," without specifying.
Lack is known to just about everyone in the insidery world of television news. He stood out as a producer of prime time newsmagazines at CBS in the 1980s; colleagues there described him as creative and inspiring, but also polarizing and sometimes egotistical. (For a while, one of his newsmagazines, "West 57th," had a glamour shot of Lack in the closing credits saying to his staff, "I don't see why we can't do the story.")
Lack jumped to NBC in 1993 in the wake of "Dateline NBC" scandal, and led the news division to unprecedented levels of success. He was president from 1993 until 2001, when he briefly became the head of the whole network before leaving.
Most recently Lack was the CEO of the Broadcasting Board of Governors, the agency that oversees government-owned media outlets like Voice of America. He quit the job earlier this week in order to take over NBC News.
Andrew Heyward, who worked with Lack at CBS in the 1980s and then competed against Lack in the 1990s, called him "a very very good choice" who's had "enormous success" and will be a stabilizing force for NBC News.
"He's not a kid who's trying to build a 20-year career. He's a very seasoned pro who, I think, will go in there and unsentimentally analyze the issues," Heyward said.
Heyward was the president of CBS News between 1996 and 2005. Of Lack, he said, "He's controversial -- not everybody loved working for him -- but that's because he's got a strong personality and strong opinions. I think he's a leader."
CNNMoney (New York) March 6, 2015: 9:23 AM ET
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