Ricketts has been CIO of Rolls Royce since 2010, where he is responsible for IT and business process transformation.
He and Mervyn Walker, who has been group HR director at British Airways, Mondi and, most recently, Anglo American, have been appointed to succeed Philippa Hird and Norman Pickavance.
"These appointments provide a rich mix of board-level experience in major corporations. They will bring new and further capability and credible challenge to board discussions," said David Gauke, financial secretary to the Treasury.
According to HMRC, Ricketts has extensive experience of leading large and complex cross-functional transformation programmes, in particular IT, manufacturing, logistics and customer service.
This will be relevant given that HMRC's £10.4 billion Aspire ICT contract with Capgemini, to provide 650 IT systems to enable the department to collect tax, is the government's largest technology contract.
Ricketts has had senior positions at Cadbury Schweppes, British Steel and drinks company Scottish and Newcastle PLC.
He has also been non-executive director on the main board and audit committees at the National Savings and Investment Bank, which he was involved with for seven years.
Walker and Ricketts are starting in the HMRC roles today.
Hird and Pickavance recently retired and resigned to take up an executive role with a private company, respectively. Hird was group HR director at ITV until 2009, while Pickavance was previously group HR director at Morrisons.
Sign up for CIO Asia eNewsletters.