Johnson, 75, has been chairman since 1998 and oversaw significant changes to the course and to coverage of the Masters.
He will be replaced by William (Billy) Payne.
Payne, 58, has previously served as chairman of the Masters media committee since 2000. He is best known as president and CEO of the Atlanta committee for the 1996 Olympic Games.
Johnson said: "The tournament is successful by any measure and will continue to grow. I know I leave the chairmanship in very capable hands."
Hootie Johnson, chairman of the Augusta National Golf Club and the Masters tournament, is to step down from the position later this month.
