Keszler announced in a video blog entry on Monday that he intends to "reinvent and take it to the next level."
Although the Ball will not take place, the Red Ribbon Celebration Concern Events and First Ladies Luncheons will still take place.
"It is especially important to me to say clearly that our Austrian HIV / AIDS relief projects are financially covered. That was me in all my considerations a big concern. Here is clearly my priority", Gery Keszler said.
Vienna's Life Ball is a charity event that was founded in 1992, and is organized by the non-profit Aids Life foundation.
It has attracted major celebrities, including former US president Bill Clinton, Elton John, Catherine Deneuve, Liza Minnelli, Sharon Stone, Dita von Teese, Anastacia, Heidi Klum, Naomi Campbell and Jenna Jameson.