The board was created to lead on the delivery of the changes to residential children's care in England that were recommended in Sir Martin Narey's 2016 review of the sector.
Changes the board will oversee include encouraging local authorities to reduce the cost of children's home placements by working together on commissioning, and ensuring that best practice in residential childcare is shared and put into practice.
The board will also lead the roll-out of the Staying Close scheme that aims allow young people leaving residential care to keep in touch with their support network.
"We have some excellent residential care for our children but nationally our system needs to be able to provide flexibly for a wider range of need," said Wood.
"All local authorities and providers have a vital role to play in ensuring provision matches needs and resources are used most effectively.
"The Residential Care Leadership Board will work to build a strong partnership across the sector focusing on developing its range, promoting improvement where it is needed and celebrating its successes."
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