Mr Soutar, who previously edited teen pop music magazine Smash Hits and lads’ monthly FHM, is to join the London newspaper in a newly created role.
He will take up the position on 7 October.
Mr Soutar co-founded Shortlist Media in 2007 and helped to pioneer the free quality weekly format with the magazine of the same name. Stylist, a sister title for women, was launched two years later.
He oversaw the sale of the business to Scottish publisher DC Thomson in 2017. He stepped down as chairman of Shortlist Media in November last year after the company rebranded and closed down the print edition of its flagship men’s title.
Before setting up the firm, Mr Soutar also edited the US edition of lags’ mag Maxim and spent time as managing director of Kiss FM. He also served as a board member of consumer magazine publisher IPC Media, later renamed TI Media.
Announcing his appointment, Evening Standard owner Evgeny Lebedev, who is also the proprietor of The Independent, said: “We are delighted that Mike has joined the Evening Standard at this important time for the company and wider industry and are confident that his vast media experience and leadership skills will make a great success of this new role.”
Mr Soutar said: “I’ve been a regular reader of the Evening Standard since the late 1980s when I first moved to London.
“It is the city's heartbeat – a Londoner’s essential source of news, entertainment, listings and inspiration. Its quality journalism reaches unparalleled numbers of influential and affluent readers in print every weekday and it touches millions more through its website and other platforms.
“I look forward to working with the talented team at the Evening Standard to grow an even stronger business that will continue to play a central role in shaping and reporting the cultural and political development of the greatest city in the world."