The MD of Portland will take up the non-executive, unpaid position from 15 November.
The Young Foundation works with organisations in the UK and internationally using innovation to meet social needs, and is named after British sociologist Michael Young.
The Young Foundation acting chair Marcial Boo said: ‘Trustees and staff at The Young Foundation are delighted to have found a dynamic and high-calibre chair. Tim will bring his entrepreneurial, political and communications skills to The Young Foundation and help the organisation maximise its potential to address social need.'
Allan praised the organisation for its 'track record of excellent research, innovative policy ideas and creative new ventures'.
‘I am particularly keen on The Young Foundation’s emphasis on the role of entrepreneurship to meet social needs,' he added. 'I look forward to working with the talented executive team to build on Michael Young’s proud legacy, and to making the foundation as effective, as relevant and as innovative as possible.’