Fox, one of 22 to be given a peerage today, has been a long-standing member of the Liberal Democrats and spent a year as CEO of the party from 2010 after initially being appointed director of policy and comms in 2008.
A former technology journalist, he was made director of comms for the UK-headquartered GKN group in January 2012.
His career also includes heading up corporate relations for Tate & Lyle and leading group comms at technology firm Smiths Group.
GKN, which reported a six per cent increase in pretax profits to £296m for the first half of this year, employs nearly 50,000 staff across a range of companies in more than 30 countries.
Other names on the list of peerages given out by government today are business woman and TV personality Karen Brady, as well as former Marks & Spencer chief Sir Stuart Rose.