Chae will replace Park Sang-hoon, who expressed last month his intention to take full responsibility and step down from the position in the wake of the massive data leak incident.
The former CEO’s resignation was postponed, however, until the situation was entirely under control, according to the company.
Chae is known to have held various posts within Lotte, mainly overseeing the group’s financial and legal affairs.
Lotte Group anticipates the newly appointed CEO will be able to skillfully sort out past issues and work toward recovering customers’ faith in the company.
Lotte Insurance CEO Lee Bong-chul will take over Chae’s previous position as head of Lotte’s policy department, while Lotte Shopping executive director Kim Hyun-soo will become the new CEO of Lotte Insurance, the company said.