Oddy joined the retailer in April and held the role of its chief operating officer. He was also the chief executive of House of Fraser, having spent seven years at the department store holding various senior roles.
He also held the role of CEO at home, leisure and garden retailer The Range, where he spent under two years in the position.
Oddy’s appointment as CEO will be effective from 1 January, as he succeeds Alistair McGeorge who will take on the role of executive chairman on the same date.
McGeorge said: “With the financial restructuring and customer strategy review complete, and as we focus on our retailing excellence, now is the right time for Nigel to become New Look’s CEO and for me to assume a non-executive role in my capacity as chairman.
“New Look is a great brand with an exciting future, and I look forward to continuing to support, encourage and challenge Nigel and the wider team.”
Commenting on his appointment, Oddy added said he is “delighted” to be appointed CEO at such a “pivotal moment in new looks development”.
He added: “Since joining the business earlier this year, we have focused on strengthening our operational foundations. We have already taken decisive steps to broaden the appeal of our product, enhance the customer journey and improve our lead times.
“Following the successful financial restructuring, we have also been able to strengthen our leadership and begin to invest prudently in the business again.”
It comes after New Look saw losses narrow to £11.2m during its half year results last month.
The fashion retailer registered the statutory loss in the 26 weeks to 28 September compared with a loss of £41.9m in the same period last year.
Total revenues reached £523.8m as UK ROI like-for-like sales decreased by -7.4% “reflecting ongoing consumer uncertainty and seasonal volatility”.
The retailer also reported EBITDA of £43.6m.