"David has a natural empathy for people, knows our farmers well and knows the business, having led several key strategic initiatives, including overseeing the recent transformation programme.
Chin was heavily involved in the refinement of LIC's strategy earlier this year, King said.
"The implementation of this strategy will continue to be a key focus for the co-op under David's leadership, as well as the continued strength of LIC's financial performance.
"We are confident David's leadership, combined with his deep operational knowledge and passion for delivering value to our farmers will serve the co-op very well."
Chin said it was "a tremendous privilege" to be named the next chief executive of LIC.
"I've been fortunate to get to know many of these people as well as many of our farmers over the last 15 years and it is truly an honour to be given this opportunity to lead the co-op."
The appointment follows the departure of Wayne McNee on November 30, 2021, after eight years in the role.
Chin thanked McNee for all his hard work.
"He leaves LIC in a strong position and I look forward to building on this with the Board, the LIC team and our farmers."
Chin will start in the chief executive role on January 17, 2022, at which time interim chief executive David Hazlehurst will return to the role of chief financial officer.