Schatz joins from specialist travel books retailer Stanfords, where he was managing director.
He will start next month and report to Lonely Planet's chief executive Matt Goldberg.
Schatz will be responsible for leading the company's European business and strategy for print and digital expansion.
A key area of focus for Schatz will be to lift Lonely Planet's audience away from its base of independent travellers, to a wider audience across print and digital platforms.
Schatz has been managing director at Stanfords for more than 10 years, where he led all business and brand operations and was responsible for expanding and diversifying the retail business, launching Stanfords online and driving its digital strategy in the professional land and property market.
He was also responsible for publishing Stanfords own-branded travel books, maps and stationery.
Schatz has served on the Bookseller's Association's digital committee and is a former judge of the Whitbread Biography and Thomas Cook Travel Book awards.