The LPTB had a chairman and six other members. The members were chosen jointly by five "appointing trustees" listed in the Act:
The Act required that the board members should be "persons who have had wide experience, and have shown capacity, in transport, industrial, commercial or financial matters or in the conduct of public affairs and, in the case of two members, shall be persons who have had not less than six years' experience in local government within the London Passenger Transport Area."
The first chairman and vice-chairman were Lord Ashfield and Frank Pick, who had held similar positions with the Underground Group. Members of the board had a term of office of between three and seven years, and were eligible for reappointment.
- Lord Ashfield, 1933–1947
- Frank Pick, 1933–1940
- Sir John Gilbert (London County Council), 1933–1934
- Sir Edward Holland (Surrey County Council), 1933–1939
- Patrick Ashley Cooper, Governor of the Hudson's Bay Company, director of the Bank of England, 1933–47
- Sir Henry Maybury, civil engineer, chairman of the London and Home Counties Traffic Advisory Committee, 1933–1943
- John Cliff, secretary of the Transport and General Workers Union, 1933–1947
- Charles Latham, (London County Council) 1935–1947
- Colonel Forester Clayton, 1939–1947
- Colonel C G Vickers, 1941-47
- William Neville, 1946-47
- Sir Gilfrid Craig, 1944-46
- Sir Edward Hardy, 1946-47
- Geoffrey Hayworth, 1942-47
Latham and Cliff become chairman and vice-chairman of the successor London Transport Executive in 1947.