The news comes as the Football League confirms it is investigating the takeover of Notts County by Munto Finance, a division of QADBAK.
In a statement, the club said Lorenzo's immediate priorities are to ‘guide and strengthen Notts County's brand as the club starts to benefit from the long term funding provided by QADBAK'.
QADBAK, reported to be backed by unnamed Middle Eastern investors, also recently agreed to purchase the BMW Sauber F1 team from the German car giant.
The appointment was confirmed on the same day that ex-England international Sol Campbell quit the club after making only one appearance. The club said his five year contract had been terminated by ‘mutual consent'.
Lorenzo has previously worked for Sky, the BBC, ITV, Channel Four and GMTV.