Lawrence, who is a season-ticket holder at Whaddon Road, has lived in Cheltenham for over 40 years and is a former Borough councillor. He is now part of Aspey Lawrence & Co Ltd, a specialist insurance brokerage, and is a serving director of Gloucestershire airport.
Chairman Paul Baker is delighted to have him on board and admits he remains on the lookout for one more addition.
He told the club's official website: "David is a well-known local businessman with lots of interests in the town and I have no doubt he will have a very valuable contribution to make.
"We are still looking for one more new director to join us to bring the board up to full strength following the departures of John Wood and Simon Keswick in recent months."
Lawrence added: "While the current financial difficulties of the club are well known, I really do believe we can turn things around and enjoy more success in the future."