Having made his debut in 2008, Read has been a key member of the All Blacks in recent years and was a member of both the 2011 and 2015 Rugby World Cup winning teams.
The No 8 has captained the All Blacks previously, in the absence of Richie McCaw, but this marks the first time he is the No 1 choice for the job.
The move comes after a decade under the leadership of Richie McCaw, who took over the reins in 2006 and carried on through to the end of last year's successful World Cup campaign.