The PCB underwent a major overhaul on Thursday when a 14-member management committee took over after Ramiz Raja was sacked as chairman.
The main committee, headed by former chairman Najam Sethi, also dismissed chief selector Mohammad Wasim before appointing Afridi.
Former players Abdul Razzaq and Rao Iftikhar were also named selectors, the PCB said.
The changes follow Pakistan’s first-ever 3-0 home whitewash by England this month.
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“I feel honoured to have been assigned this responsibility,” said Afridi, who retired from international cricket in 2017.
“We need to get back to our winning ways and I have no doubts that through meritocratic and strategic selection decisions, we will help the national side to perform.”
Afridi played 27 Tests, 398 one-day and 99 Twenty 20 international for Pakistan in a career remembered for his hard-hitting batting.
Pakistan are currently involved in a two-match Test series against New Zealand with the first match in Karachi starting from Monday.