Former Test player Salahuddin Ahmed will head the three-member paid selection committee, which will have Saleem Jaffer and Shafqat Rana, also former players, as members.
Ahmed, who has served as a national selector on 12 previous occasions, said his team would have a daunting task ahead.
''We have to start afresh after the disappointment of the World Cup,'' he told Reuters.
''It is a big challenge for us.'' Pakistan were eliminated from the tournament after losing their opening game to the West Indies and then being stunned by minnows Ireland.
Coach Bob Woolmer died in a hospital in Kingston a day later, and police are now investigating his death as a murder.
Captain Inzamam-ul-Haq also stepped down and retired from one-day internationals following the team's poor performance, and the PCB is expected to appoint a new captain this week.