The move comes as the university attempts to cut its £10m deficit and plans an 800th anniversary fundraising strategy.
Jolly, who takes up the newly created post of director of external affairs and comms in early summer, will use his 'global commercial experience' to 'maintain and protect' the institution's elite international reputation.
He said he would publicise the quality of Cambridge's teaching and approach to education, its tradition of promoting education, and its principles of fair access, to 'ensure that the university remains at the forefront of global competitive education'.
His targets include the Government, corporations, the local community and Cambridge alumni, as well as the media.
Jolly launched a scathing attack on the then IPR in 2002 following his heavy defeat to Anne Gregory in the election for the institute's presidency.