
Mr Shrimsley has previously worked as notebook editor, UK news editor and chief political correspondent at the paper.
He also worked as lobby correspondent and chief political correspondent at the Daily Telegraph from 1989 to 2000, and as a reporter on the Sunday Telegraph.
Mr Shrimsley graduated from the London School of Economics in 1985 and now regularly appears on radio and TV.
His appointment was announced alongside that of Martin Dickson as deputy editor and Chrystia Freeland as managing editor for the US.
"I’ve appointed three highly respected and experienced journalists to these senior roles," said Lionel Barber, FT editor.
"They will drive and shape our editorial agenda, in the UK and internationally, and ensure our business news, comment and analysis is the sharpest and most incisive of any global news organisation."
More news from journalism.co.uk:
Martin Dickson announced as FT deputy editor
Chrystia Freeland recruited as FT US managing editor
FT.com names new leader
New recruit at FT.com
Q&A: Tracy Corrigan, former editor of FT.com
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