Lee Hee-beom, 61, the chairman of South Korea's STX Energy and STX Heavy Industries, will lead the Korea Employers Federation (KEF), the business lobby group said, Tuesday.
The former commerce minister and the chairman of the Korea International Trade Association (KITA) had previously refused the offer in May.
"Lee has finally accepted the two-year term offer. His term will be effective after a general meeting on September 6," said a KEF spokesman.
He will replace Lee Soo-young, who offered to step down from the position in February.
The STX executive is facing challenges to better coordinate between stiffer labor union regulations and management, officials say.
Lee earned a bachelors degree in electronics engineering at Seoul National University and an MBA at George Washington University in Washington D.C.