Costello has been a PPA board member for four years and is now set to succeed Kevin Hand as chairman of the PPA in February 2014.
He will retain all his duties at Haymarket, where he has worked in every division since joining in January 1994. Costello became chief executive in January 2010, with responsibility for the UK as well the Australian, German, Indian, Hong Kong and US divisions.
Hand said: "I am delighted that Kevin has taken on the role of deputy chairman. As someone who represents an international multi-platform company in both consumer and business publishing, Kevin truly reflects the breadth of modern PPA membership. I am confident that he will be a great asset to the association over the next few years."
One of the UK's largest privately-owned media companies, Haymarket was established in 1957 by Lord Heseltine, and is owned today by the Heseltine family. The company now publishes more than 100 magazines, 140 websites, including Media Week, and organises more than 100 live events.
Costello said: "I am very honoured to be taking on the role of PPA deputy chairman. I am greatly looking forward to helping lead the association through such an exciting time in consumer magazines and business media, and to working closely with the chairman and the CEO to make sure that the PPA continues to thrive."
Haymarket's Costello replaces outgoing PPA deputy chairman Charles Reed, group managing director of William Reed Business Media.
Barry McIlheney, chief executive of the PPA, said: "Kevin Costello has been a great supporter of the PPA in recent years, and I am thrilled that he is to become our deputy chairman, I would also like to thank Charles Reed for all the support he has given me in his capacity as chairman and deputy chairman over the past three years."