The decision to elect Mr Libby came after an exhaustive six-month search process. He succeeds David G Tucker, who stepped down from his position earlier this year.
Mr Libby, who currently serves as senior vice president and chief operating officer with The Navigators in Colorado Springs, Colorado, will be commissioned by TWR on December 1. He will become the organisation's fourth president.
"I am pleased and excited about the appointment of Lauren Libby as the president of TWR," said Thomas J Lowell, TWR's chairman of the Board of Directors.
"In my conversations with Lauren, I sense that he is a man with a passion for serving the Lord and that he has a strong interest in the people who serve in this ministry as well as those who support TWR.
"He brings to our organisation significant knowledge of radio, experience in leadership of a mission organisation and a strong desire to lead TWR into the future."
Mr Libby's 30-plus years of experience primarily come from an extensive career with The Navigators. Most recently, he has served as a member of the US Navigator National Executive Team - a six-member group responsible for corporate ministry decisions, the organisation's 1,500 field staff and finances for the US Navigator corporation.
When asked about his future with Trans World Radio, Mr Libby remarked: "From a Christian media standpoint, TWR is positioned to touch most of the world with the good news of Jesus. That's TWR's calling: To go to the whole world with the Gospel for the whole person."
Trans World Radio, an international Gospel network, broadcasts over 1,800 hours in 225 languages and dialects each week from 15 primary transmitting sites around the world.