Deane, who is currently vice president of quality at the Indianapolis-based company, will succeed Scott Canute, who will be taking a leave of absence at the end of this month to pursue additional study in the field of business leadership and development.
Following in the footsteps of Canute, Deane will be maintaining the quality of the Eli Lilly manufacturing facilities around the world and forging a strong relationship with the US Food and Drug Administration (FDA).
"Over the past several years we have had a lot of interactions with the FDA regarding its concerns with our manufacturing facilities.
We have really come a long way in addressing these concerns.
Our facilities meet all the requirements and beyond.
Maintaining this position with the FDA is certainly going to be important [for Deane]," an Eli Lilly spokesman told US-PharmaTechnologist.com.
No significant changes are expected to take place with the new appointment, the spokesman said.
Deane has been with Eli Lilly since 1979 when he joined the company's manufacturing operations in Kinsale, Ireland.
He held a number of manufacturing positions there until he transferred to Lilly's Clinton Laboratories in Indiana in 1986.
Since then, he has had general management responsibilities for drug product and active pharmaceutical ingredient production in Puerto Rico, was general manager of the Lilly's US pharmaceutical manufacturing operations and has assumed responsibilities for the company's worldwide active pharmaceutical ingredient operations.
Deane has been in his current role as vice president of quality since 2001.
While in his new role, Deane will remain a member of the company's operations committee and will also join the corporate policy and strategy committee.
Eli Lilly chairman and chief executive Sidney Taurel said in a statement: "Frank brings over 28 years of manufacturing and quality experience to his new role.
He has been instrumental in ensuring global quality standards and systems throughout the company, and we are pleased that we will have his experience and leadership in the coming years as we continue to develop and manufacture important medicines."
The company has six major manufacturing facilities in Ireland, the UK, the US and Puerto Rico where the bulk ingredients are produced, which are then shipped to Lilly finishing plants around the world.
The company manufactures drugs for a variety of diseases and disorders including diabetes, depression and erectile dysfunction.
Eli Lilly reported a net income of $320.3m for the 2006 financial year.
This was compared to the $37.8m net income for the 2005 financial year.
The increase reflects a $224.4m increase in worldwide sales of Cialis (tadalafil) for the treatment of erectile dysfunction.
Deane was unavailable for comment.