London mayor Boris Johnson, who chairs the corporation, said the new head would play a "critical role" shaping the Olympic legacy and that it was the mayor’s top priority to turn the success of the games into economic returns for decades to come.
Hone’s salary will be topped up by a discretionary bonus of up to 20 per cent of his annual salary linked to hitting measurable targets in securing sustainable development, investment and success of the facilities and assets.
Hone, who has been interim chief executive since this August, said contractors and other professionals had a huge amount of work to do in the next phase to create Queen Elizabeth Olympic Park.
His track record includes 25 years in urban regeneration and senior public-sector roles at English Partnerships, Commission for the New Towns and the London Docklands Development Corporation.
The London Legacy Development Corporation took over responsibility for the site from the Olympic Park Legacy Company, and additional powers including planning, from October 2012.