Lollback replaces John Steedman, who stepped down earlier this year and is currently serving as non-executive chairman. The appointment is effective "early next year", the company said.
Lollback has more than 20 years of marketing and advertising experience with clients including Unilever, PepsiCo and ANZ Bank in addition to McDonald's. He has worked in global, regional and local roles in the UK, the US, China and Australia.
“Mark is a unique talent with a depth and breadth of experience, a leadership style and personality that will work well in our culture with an appetite for change and a natural inquisitiveness that will serve our clients, partners, him and us well," Mark Patterson, GroupM Asia-Pacific CEO, said in a press statement.
GroupM will continue to invest in Australia as a top 10 worldwide market, Patterson said, adding that GroupM has a "clear and ambitious plan of new businesses, partnerships, products, services and initiatives lined up for 2016".
Lollback said he looks forward to leading GroupM during "a time of acute transformation in our industry".