Lee was announced as the successor following Cho's exit yesterday and his appointment was rubber-stamped at the 26th Executive Board Meeting of the Pyeongchang Organising Committee (POCOG).

He was unanimously voted in by all 23 members of the Board, aside from one absentee.

His nomination will now be ratified again at the Pyeongchang 2018 General Assembly on May 12.

South Korea's Ministry of Culture, Sports and Tourism will then also approve the appointment.

Lee has been hurried into the job after Cho announced he was leaving to deal with financial issues at his Hanjin Shipping company.

He had only been in the job since July 2014 after the resignation of Kim Jin-sun, who left on the grounds that "new leadership was required to complete preparations for the Games".

Cho's departure comes as a blow to Pyeongchang with the Winter Olympics just under two years away.

Under his leadership, fears about the a lack of domestic sponsors were eased thanks to deals with Korean Air, Samsung, Hyundai and SK Group as Tier One partners.

In February, Cho also led the hosting of the International Ski Federation (FIS) Alpine World Cup at the Jeongseon Alpine Centre, despite doubts in the build-up that the first official test event of the Games would be able to go ahead.

This was because of tight construction deadlines at the centre.

Lee began his career as a Government official in 1972 and served as Minister of Trade, Industry and Energy from 2003 to 2006.

He then held executive positions at institutions and companies including the Korea International Trade Association, the Korea Employers Federation, STX Energy and STX Heavy Industries.

He is currently an advisor of the LG International Corporation.

"With such a diverse background of experience, he has the administrative capacity, marketing expertise and a wide network among the business leaders and communication skills to coordinate among the various levels of Government and different stakeholders - all required to lead the preparation of a complex mega-sports event," said a Pyeongchang 2018 statement.

In March, International Olympic Committee (IOC) Coordination Commission chair Gunilla Lindberg warned Pyeongchang 2018 of complacency. 

Organisers were urged to establish distinct legacy plans for the facilities which will be used during the Winter Olympic and Paralympic Games, while the Commission stated they would closely monitor construction progress at non-competition venues due to tight deadlines.