Welsh Rugby Union chairman Pickering and Australian Rugby Union chief executive O'Neill will join International Rugby Board chairman Bernard Lapasset and vice-chairman Oregan Hoskins on the board that will oversee the 2015 World Cup in England.
Bill Beaumont did not seek re-appointment due to a potential conflict of interest should he be successful in his bid to become chairman of the Rugby Football Union.
Dr Syd Millar, the former IRB chairman, also stood aside, with Pickering and O'Neill elected unopposed.
As well as overseeing plans for 2015, the board is responsible for presiding over the delivery of the 2013 World Cup Sevens in Russia, the 2014 Women's Rugby World Cup in France and working on the 2019 World Cup in Japan.
"These are exciting times for rugby and Rugby World Cup properties continue to go from strength to strength," said Lapasset.
"I would like to welcome David Pickering and John O'Neill to the Rugby World Cup Limited board as we look to further the profile and stature of all Rugby World Cup properties over the next four years and beyond as we look forward to a first Rugby World Cup in Asia."
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