Donaldson has been nominated for the role in 2023/24 by the past captains and will begin his year in office with the traditional driving-in ceremony on the Old Course on 22 September.
A successful businessman for more than 45 years, Donaldson is currently president of the James Donaldson Group, one of Scotland’s largest privately-owned and family-run companies.
The 67 year-old, who was born in Perth and raised in Fife, is chairman of investment trust Baillie Gifford Shin Nippon and a former Chairman of the Securities Trust of Scotland.
He is on the board of the Old Course Ltd, which oversees the Old Course Hotel Golf Resort and Spa, and was previously chairman of Crieff Hydro for ten years.
He became a member of The Royal and Ancient Golf Club of St Andrews in 1992 and has served on a number of committees. He also served on the board of the then British Golf Museum.
Donaldson, who lives in St Andrews with his wife Val, plays to a handicap of 12.5 and next year will mark his 50th year as a member of Lundin Golf Club. He is also a member of Vila Sol in Portugal.
He will succeed Welshman Clive Brown, a renowned international golfer who enjoyed a successful playing career himself before captaining the Great Britain and Ireland Walker Cup team in their victorious 1995 match at Royal Porthcawl and the 1997 match at Quaker Ridge.