Lara, Lloyd and Richards will join Shivnarine Chanderpaul, Desmond Haynes and Ian Bradshaw on the "Cricket Strategy and Officiating Committee" to review the team's performances, especially in the batting department.
The Windies were bundled out for just 27 in the second innings of the third Test in Jamaica, the second lowest total in the history of the longest format of the game.
That followed totals of 190, 141, 253, 143, 143 across the series that Australia inevitably won 3-0.
CWI president Dr Kishore Shallow said: "Like every West Indian cricket fan, I felt the pain of our recent Test defeat to Australia.
"There will be some sleepless nights ahead for many of us, including the players, who I know feel this loss just as heavily. But while disappointment is natural, we must not allow this moment to define our journey.
"We are in a rebuilding phase, steadily investing in the next generation, and reigniting the spirit that has long made West Indies cricket a force in the world.
"Progress is rarely straightforward. It takes time, perseverance, and belief, especially in our most difficult moments. The road ahead will test us, but I have faith in the talent and commitment of our players when they apply themselves.
"We have already seen encouraging signs, particularly with the ball. Our batters are keen, but now must be even more deliberate as they work to improve."
On the involvement of West Indies greats, Shallow added: "These are men who helped define our golden eras, and their perspectives will be invaluable. We intend for this gathering to result in tangible, actionable recommendations.
"Consistent with my message over the last weeks, this is a moment that calls for collaboration, not division. We need everyone on board: fans, players, coaches, legends, and administrators, if we are to truly move forward.
"There is much work to be done. But we must do it with purpose, and we must do it together."
West Indies captain Roston Chase has described his team's batting as "embarrassing" after being bowled out for just 27 in the third Test against Australia, the second lowest total in Test history.
West Indies clawed their way back into the pink-ball Test at Sabina Park on Sunday, reducing Australia to 99 for six at stumps on day two.
Spinner Nathan Lyon was left out of Australia's Test team for the first time in over a decade for the third Test against the West Indies in Barbados.
Day one of the Third Test belonged to the West Indies, as their pace attack dismantled Australia under the Sabina Park lights, triggering a dramatic collapse that saw the visitors slump from 129 for 2 to 225 all out.
