Mendoza, who is also chairman of Victoria Private Investment and a director of the Soho Theatre and the Shakespeare Schools Festival, succeeds Rick Wills, who stands down after eight years as chairman.

He said: "I am thrilled to be joining The Prince's Foundation for Children and the Arts. The charity has a powerful vision; to transform disadvantaged children’s lives through engagement in the arts.

"Speaking as a parent - and remembering too my own childhood - I know how inspiring the arts can be for children. That first trip to the theatre, hearing and seeing an orchestra play live or seeing a professional exhibition for the very first time. They can all leave a lasting impression and spark an interest that continues through their early years and into adulthood."

Jeremy Newton, chief executive of The Prince's Foundation for Children and the Arts, said: "It is difficult for us to say farewell to Rick after he has done so much for the charity, but a successor of Neil's stature and experience is incredibly exciting for us.

"Neil brings to the board invaluable business experience, as well as a very sound knowledge of the arts and media. I am looking forward to working with him to continue to transform the lives of disadvantaged young people through participation in the arts."