The Trust has appointed entrepreneur and philanthropist Lloyd Dorfman CBE as its new chairman.
He will replace current chair Sir Charles Dunstone, who will step down in July having served two full terms in the role.
Lloyd, founder of Travelex Group, has been a trustee of the charity since 2007.
He said: "It is a real privilege to be involved with such a fantastic organisation, which supports more than 50,000 vulnerable and disadvantaged young people each year.
"We have big plans to mark the charity’s 40th anniversary next year, so it is an enormously exciting time for me to be taking on the role of chairman.
Sir Charles Dunstone has been involved with The Trust since 1999, initially as chair of Prince’s Trust Trading Ltd. He has been chairman of the charity since 2009.
He said: “The Trust has been part of my life for sixteen years and in that time I have seen the transformational difference it makes to so many young lives.
Martina Milburn CBE, chief executive of The Prince’s Trust said: “We have supported more than 470,000 young people since Sir Charles Dunstone first became involved with The Trust. His personal contribution to the work of the charity is immense and I would like to thank him on behalf of all the young people we support.
"We are fortunate to have an excellent new chairman in Lloyd Dorfman and I am sure that his dedication to our young people will enable us to deliver the ambitious strategy we have set for the years ahead."