The Scotsman will join the board of directors at the Banks's Stadium and will head up the new role, which is often referred to as 'director of football'.
He will oversee the whole football department from the first team to the academy, implementing the football philosophy as well as heading up recruitment.
Fullarton's most recent role was at Crystal Palace where he was head of emerging talent. The 46-year-old has also worked as a head coach at Halifax Town and Notts County, alongside a 14-year playing career.
He has experience coaching at under-23 level and is the founder and director of Costa Unida CF, a football academy in Spain set up 15 years ago with over 300 multi-national players aged 5-19.
Fullarton said: “I am thoroughly delighted to be a part of the club moving forward in what is the Technical Director’s role, a role that is becoming very popular and essential for football clubs.
“I think first and foremost the role is to create continuity and consistency for the club within an industry that is very volatile.
“Ultimately, I am there to provide support for the head coach in all aspects, in whatever shape or form, to help him and the team be successful short term, every Saturday, whilst helping the club build an infrastructure that enables continued success and provides alignment throughout the football department.
“I am excited by the opportunity and really looking forward to working with everyone involved at the football club, to fulfil the potential this football club clearly has.”
Fullarton will start immediately and will attend tonight’s game against Tranmere Rovers.