The 51-year-old, now a successful businessman, will take up his new role in March 2019.
He succeeds Olivier Gers, who resigned in March, and Nigel Garfitt, who has served as acting CEO.
"His experience in putting together great teams, running large successful companies, delivering top class events and bringing strong commercial partners into sport makes him the right choice for this role," IAAF president Sebastian Coe said in a statement.
Ridgeon won a silver medal in the 110m hurdles at the 1987 world championships and represented Great Britain in the 1988 and 1996 Olympic Games.
As a businessman, he was responsible for transforming British Athletics into the most commercially successful athletics governing body in the world in 1998, the IAAF said. He was also one of the architects of the Diamond League Series.
"Having spent my life in sport, this is a dream job for me and I am absolutely thrilled," Ridgeon said.
"I have devoted the vast majority of the last 20 years to creating successful commercial partnerships, developing new events that drive participation at both elite and grassroots levels, as well as leading organisations that deliver significant projects across the globe."
(Reporting by Gene Cherry in Raleigh, North Carolina; Editing by Christian Radnedge)
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