Kermode will take over at the underperforming breakfast show after current editor Ian Rumsey steps down later this month. He will work directly with Karl Newton, who has been promoted to executive producer of Daybreak.
Earlier in the summer, all production staff working on Daybreak and fellow morning show Lorraine became part of the ITV Studios production team, which now makes all of ITV's morning output.
Kermode said: "I'm massively excited about taking the helm at Daybreak. I know it's a fantastic team, there's lots to do and I can't wait to get started."
Fiona Keenaghan, the controller of ITV Studios Daytime, added: "With his superb journalistic record and indisputable populist touch, David is the perfect person to lead Daybreak onwards and upwards.
"He has impeccable editorial judgement and the ability to build strong and trusting relationships with talent. I look forward to welcoming him to ITV and working closely with him in the months ahead."
Rumsey, the former head of ITV News, became GMTV editor in May 2010 and oversaw the transition to the new Daybreak format, presented by Adrian Chiles and Christine Bleakley.
However, the show has failed to appeal to viewers, leading to a steady decline in its audience against strong competition from BBC Breakfast. ITV even admitted in March that the breakfast show had "not performed as we would have hoped".
The head of Sky News John Ryler informed staff today in an email that Kermode was leaving after four years in charge of 5 News. Ryley paid tribute to Kermode's time at the broadcaster, particularly for having "banned the cut-away" from 5 News reports.
Writing on Twitter, 5 News royal and Olympics correspondent Simon Vigar said that Kermode had "defined 5 News for the last four years and transformed the ratings".
He added: "Can he do the same at Daybreak? His record at BBC Breakfast speaks for itself."