McKay has been the president of the Falcons since 2003.
"Since joining the Falcons in 2003, there is no doubt that Rich has been a valuable leader of our club," Falcons owner Arthur Blank said. "Beyond his day-to-day duties as president of the Falcons, Rich has led a good number of key initiatives for us. In addition, he is increasingly enlisted by the league as someone who can be counted on to lend his experience, expertise and dedication to solve problems or generate new ideas.
"This promotion is in recognition of Rich's many contributions to the Falcons and the NFL, as well as recognition of his professional accomplishments along the way."
Prior to joining the Falcons, McKay spent nine years with the Buccaneers. He was the general manager of the Tampa Bay team that won Super Bowl XXXVII over Oakland in January 2003.