In early 2012, ITN will take over the contract to provide all news content for Richard Desmond's Channel 5, after Sky News agreed to terminate its previous deal almost a year early.
The move marks a change in strategy for Channel 5's news output and programming, resulting in the axe of teatime entertainment news programme OK! TV.
Hill, currently CNN International's director of coverage and formerly ITV News programme editor, will become the new editor of 5 News, following David Kermode's announcement in September that he will join ITV's struggling Daybreak programme by the end of the year.
ITN said that Hill "will lead all editorial and management decisions to evolve 5 News", as well as help ensure a "seamless transition" from the Sky operation. He will report directly to ITN chief executive John Hardie.
Hill has vast experience in broadcast news, most recently leading content across CNN's international network, including coverage of the royal wedding and Amanda Knox trial in Italy.
He worked for ITN for a decade from 2000 to 2009, rising to programme editor of ITV News, responsible for the flagship News at Ten. He also helped launch the 24-hour sports news channel Setanta Sports News as editor-in-chief.
"I have had an amazing experience with CNN but the prospect of returning to ITN as editor of 5 News is an incredibly exciting challenge," said Hill.
"ITN is the UK's leading commercial news provider and Channel 5 has a growing reputation as well as ambitious plans. I am thrilled to be a part of this new service from the outset."
Hardie said: "I know Geoff well from his time at ITN where he led a Setanta Sports News team that punched well above its weight.
"He is a first rate journalist and manager who will lead the transition of 5 News to its new home and work with the talented team to develop its output. Viewers can expect distinctive and quality programmes with Geoff at the helm."
Channel 5 director of programming Jeff Ford added: "To have someone of Geoff's experience and calibre heading up our news programming operation through ITN is another significant step forward for Channel 5's public service news output.
"We're extremely pleased that the team is now complete and ready to start when contracts commence early next year and know that the collective experience, ambition and hunger for success will no doubt result in great programming output for our viewers."